One more month for Brussels real estate tycoon Gérald Hibert

Gérald Hibert has been granted a one-month extension: the Brussels court has given the real estate group GH until May 18 to initiate a judicial reorganization procedure (PRJ). However, the banks remain skeptical about the rescue plan.

Rescue plan in doubt

The bankruptcy ruling for Gérald Hibert’s real estate group, which has iconic Brussels retail properties such as the Louiza Galleries and the Toison d’Or in its portfolio, has been postponed by one month. The decision follows a restructuring application filed at the last minute, which relies on a $500 million investment from the U.S. But the banks, which had filed for bankruptcy, are not convinced. This is reported by La Libre.