Macquarie DDR Trust
(ASX:MDT) has placed its shares in voluntary suspension this morning to allow the company further time to resolve its debt position.
There is concern that if the company cannot reach a refinancing agreement with lenders it may be forced into involuntary administration.
The company says in particular the suspension was requested so that it can finalise the status of a number of loans and derivatives that matured on Friday last week.
The loans include a US$49.5 million unsecured trust loan facility and US$37.4 million in derivative contracts.
According to a Fairfax report the Trust’s CEO Luke Petherbridge says the company’s other loans are a US$145 million portfolio debt facility and A US$267.8 million revolving facility.
At its half year results in February the company said it was in advanced negotiations with lenders to extend the revolving facility.
Macquarie DDR Trust reported a $616.36 million loss for the 2009 financial year.
