JR Global REIT minority shareholders are seeking detailed explanations from the board over the loss in a UK lawsuit, the company's liquidity crisis and its application for rehabilitation proceedings. The shareholders' alliance submitted a 16-item questionnaire before a Sept. 18 shareholder and board meeting, demanding written responses and supporting documents rather than one-time verbal answers. The Seoul Rehabilitation Court has extended the Autonomous Restructuring Support (ARS) negotiation period for a fourth time, through Oct. 14. JR Global REIT applied for rehabilitation proceedings in April after failing to repay 40 billion won in asset-backed short-term bonds, becoming the first domestically listed REIT to do so. The UK Commercial Court rejected claims by the company's Belgian subsidiary against CBRE Loan Services on Sept. 8 and upheld JLL's €920 million appraisal of the Brussels Finance Tower. That valuation leaves the property's loan-to-value ratio at 61.02%, above the 52.5% cash trap threshold. Shareholders are also seeking details on the proposed sale of the New York Manhattan building, refinancing, unpaid dividends of about 22 billion won and lease renegotiations for the Brussels Finance Tower. Samil PwC, the pre-trial investigator, is scheduled to submit a due diligence report on the company's assets, liabilities and repayment capacity by Sept. 28.