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CPI Properties (CPIPGR: Ba1 neg/BB+ neg): Complicated Transaction

REAL ESTATE
  • CPI own 75% of Immofinanz
  • The two companies own 38.37% and 50% respectively of S-IMMO
  • CPI will sell its stake in S-IMMO to Immo who will then squeeze out the remaining shareholders to own 100%
  • The problem is, CPI are lending money to Immo to carry out this transaction. We won't know the net effect for CPI until we have more details.
White and Case cleared CPI of some of the Muddy Waters allegations last week.

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