Nets Sports & Entertainment, Onexim extend forbearance agreement

Aug 12, 2015, 10:44 ET from Forest City Enterprises, Inc.

CLEVELAND, Aug. 12, 2015 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) announced today that Nets Sports & Entertainment (NS&E) and Onexim have agreed to extend a forbearance agreement related to payment of capital calls and related fees for the Brooklyn Nets, through September 8.  The agreement was originally set to expire August 12.

NS&E is the consolidated subsidiary through which Forest City holds its ownership interests in the Nets and the Barclays Center arena.  NS&E owns 20 percent of the Nets and 55 percent of Barclays Center.  Forest City, in turn, owns approximately 62 percent of NS&E with the balance owned by minority partners.

About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.3 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.

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SOURCE Forest City Enterprises, Inc.



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