This article is from the Australian Property Journal archive
RUBICON America Trust has fully unwound its foreign currency hedges to pay down debt.
The unwinding generated net cash proceeds of approximately $34.6 million.
Allco’s executive chairman of real estate Gordon Fell said Column Financial, a subsidiary of Credit Suisse, marked the value of a loan portfolio to RAT down by $US26 million to $US258.4 million – a discount of approximately 14% to carrying value.
Column Financial also has called for the repayment of about $US17.2 million by March 12.
“RAT is in discussions with Credit Suisse in relation to the terms of the warehouse facility.
“RAT is actively pursuing further early repayments by borrowers and the sale of assets to third parties in order to reduce short term debt, consistent with its announcement on 29 February 2008,” Fell said.
Last week, Credit Suisse made margin calls on Allco’s holdings in three Rubicon property trusts, Rubicon America Trust, Rubicon Europe Trust and Rubicon Japan Trust.
And on Friday, Babcock & Brown, Australia’s second largest investment bank, made a grab for a 5% stake in each of the three Rubicon trusts.
Australian Property Journal
