ECM Real Estate Jumps Most in 3 Months on Debt Revamp
ECM Real Estate Investments AG shares rallied the most in almost three months after the developer said creditors backed a proposal to reorganize debt.
The stock rose 17 percent, the biggest intraday rally since Sept. 9, to 102.44 koruna as of 1:35 p.m. in Prague. More than 34,000 shares changed hands, or four times the daily average over the past three months. ECM tumbled 32 percent last month and is down 67 percent so far this year.
Holders of ECM’s bonds and warrants backed the proposal at a meeting on Dec. 4, the company, which is in breach of bond covenants, said today. ECM expects the plan will be signed by all parties in the first quarter of 2011, according to a statement on the developer’s website.
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