By T. Igoumenidi
[email protected]
A generous debt "haircut" and the voluntary transfer of properties to creditor banks is foreseen in a rescue plan submitted to a relevant first instance court in Athens late last week by the Pasal Development company.
If the plan submitted by the ASE-listed real estate developer and creditor banks - which hold 60 percent of the company's outstanding debt obligations - is approved, then Pasal will be left with only a handful of properties but zero debt.
The company's real estate portfolio has an account value of 57 million euros, with a more prominent shopping mall, Athens Heart in the , belonging to a subsidiary valued at 40 million euros.
According to reports, debts to creditors of up to 38.2 million euros will be written off, with National Bank of Greece and Alpha Bank having already agreed to take possession of Pasal properties valued at 33.2 million euros.
