[MONTREAL, QC] — Homburg Invest Inc., a troubled Canadian real-estate company that's being restructured under court supervision, says its annual net loss widened in 2011 to $360.3 million.
That amounted to $16.44 per share, up from $88.1 million, or $4.52 per share in 2010.
Total property revenue for the year ended Dec. 31 was $127.2 million, including $109.7 million from its European portfolio and $17.5 million from its North American portfolio.
A year earlier, total property revenue was $133 million, including $115 million from its European portfolio and $17.7 million from its North American holdings.
The Montreal-based company is preparing for several meetings of its creditors this week in the Netherlands.
The meetings for several classes of debt securities, announced last month, will be held Wednesday and Thursday in Utrecht, Netherlands. The creditors' approval will be required before the court approves any restructuring plan.
The company, which has been under creditor protection in Canada since October, announced Friday that its delayed financial reports have been filed with regulators.
Homburg Invest is a shadow of its former self. At one time, its holdings included a stake in Homburg Canada Real Estate Investment Trust which had properties primarily in Quebec and Atlantic Canada.
Richard Homburg, who founded the companies, quit his positions at Homburg REIT in March 2011.
He later attempted to take Homburg Invest private but withdrew from that plan while the company was under fire from regulators in the Netherlands. One of his private companies also sued Homburg Invest, claiming $27 million in damages for the termination of a property and asset management agreement.
Homburg REIT was later renamed Canmarc REIT. Under that name it sold its 1,261 residential units in Atlantic Canada before it was acquired by Montreal-based Cominar REIT (TSX:CUF.UN) in a $905-million deal this year.
