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First REIT Details Restructuring Plan To Unitholders

First REIT Details Restructuring Plan To Unitholders

January 6, 2021 – First REIT is releasing more details of their restructuring and recapitalisation plan to unitholders, in an effort to pass the resolutions that are crucial to the REIT’s debt covenants.

In their published presesntation with brokeage firms, First REIT said the restructuring and reconstruction program will carve a sustainable path for First REIT to avoids the adverse consequences of a default by LPKR under the existing LPKR master lease agreements.

The restructuring and recapitalisation program will allow First REIT to avoid an imminent default of repayment obligation due on 1 March 2021.

First REIT also said it will preserve the long-term value for its unitholders.

Just last week, First REIT’s share price plunged by a third , after news that it is seeking unitholder support to restructure, recapitalise and reposition itself amid the pandemic.

For the full presentation, click here.

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