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

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SOURCE Forest City Enterprises, Inc.