MacarthurCook freezes distributions from property securities fund
MacarthurCook Fund Management has advised it will freeze distributions from its MacarthurCook Property Securities Fund while it also plans to extend the fund’s loan facility.
MacarthurCook has announced that it is in advanced negotiations with its financier to extend the fund’s loan facility beyond its July 31 expiry date until December 2010.
At the same time, given the significant reduction in income being received by the fund, coupled with the increased cost of debt associated with current market conditions, it expects that its financier will only pay fund distributions with its consent.
The fund’s debt has been reduced from $63 million to $43.5 million over the past year.
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