Lone Star’s bid to acquire New City Residence, Japan’s first real estate investment trust to file for court protection, appears likely to fail on Wednesday when creditors meet for a second time to vote on the US hedge fund’s proposal.
Creditors to New City, which filed for court protection last October with debts of Y112.3bn ($1.21bn), intend to vote down Lone Star’s new rehabilitation plan, in spite of an improvement in the conditions offered by the US private equity firm, said a person familiar with the matter.
