FRANKFURT, Sept 16 Tue Sep 16, 2014 4:29am EDT
FRANKFURT, Sept 16 (Reuters) - German property group IVG Immobilien has emerged from insolvency following a sweeping restructuring and a debt-for-equity swap and is now considering options for a merger or stock market listing, the company said on Tuesday.
A local German court declared the insolvency proceeding completed, the company said in a statement, after the co-owner of London's landmark "Gherkin" tower began proceedings in 2013. IVG later delisted its shares.
"Following the complete financial and operating restructuring, the company is solid again and ready for the capital markets ... whether through an IPO, a merger or through any other possibilities," Hans-Joachim Ziems, the executive who led the restructuring, was quoted saying in newspaper Boersen-Zeitung.
One of Germany's best known real estate firms, IVG amassed more than 4 billion euros ($5.2 billion) in debt during a rapid expansion when it financed a business and hotel complex located at Frankfurt airport called "The Squaire" which suffered from cost over-runs.
It was also hit by a growing unwillingness among European banks to provide new loans, a consequence of the continent-wide credit crunch, and new regulations forcing lenders to cut their exposure to property.
The company's new owners, mostly hedge funds, are now pushing a less risky business model designed to manage existing property holdings and generate dividends with the possibility of eventually re-listing or merging the company. (1 US dollar = 0.7730 euro) (Reporting by Alexander Huebner; Writing by Thomas Atkins; Editing by David Holmes)
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