New City creditors reject Lone Star bid (Dealscape

Creditors of collapsed Japanese real estate investment trust New City Residence Investment Corp. on Wednesday, July 15, rejected a ¥11.7 billion ($125.7 million) offer from Lone Star Funds, opening the way for a rival bid.

In October, New City, an owner of upscale Tokyo apartment complexes, unraveled under the weight of ¥112.4 billion of debt, becoming the first Japanese REIT to file for bankruptcy protection.

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NOT A SUBSCRIBER? New City creditors reject Lone Star bid Posted on July 15, 2009 2:42 PM Creditors of collapsed Japanese real estate investment trust New City Residence Investment Corp. on Wednesday, July 15, rejected a ¥11.7 billion ($125.7 million) offer from Lone Star Funds, opening the way for a rival bid. In October, New City, an owner of upscale Tokyo apartment complexes, unraveled under the weight of ¥112.4 billion of debt, becoming the first Japanese REIT to file for bankruptcy protection. This is a free content preview. Subscribers enjoy access to all stories in full as well as second-to-none market intelligence. Dig deeper, with Pipeline. 69 in-depth reports of Bankruptcy Auctions in the Real Estate sector 58 in-depth transaction records for Oaktree Capital 47 company pages related to Goldman Sachs 39 in-depth transaction records for Lone Star Funds 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Amusement parks Deb Shops Windstream Corp. Diedrich Coffee Hanna Andersson Tween Brands Entertainment Lazard Lyondell Chemical		EXISTING USERS Username Password Forget your password? Missing a product?

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