Karstadt creditor, Berggruen close to agreement - report.

(ADPnews) - Jul 26, 2010 - Investor Nicolas Berggruen and Karstadt's major creditor Valovis Bank are close to settling differences over certain contentious issues related to the sale of the insolvent department stores chain, daily Handelsblatt reported today, citing sources close to the talks.

A new draft agreement is to be reached at the week's end, the paper reported. Berggruen should give up his demands for recording the agreed rent discount in the land register in exchange for Valovis Bank continuing its EUR 850 million (USD 1.098bn) credit engagement with landlord Highstreet. Thus the major …