Further to its press release of 13 December 2013 “Orco’s Hungarian subsidiaries open insolvency proceedings” ORCO PROPERTY GROUP (the “Company” or “ORCO”) announces the completion of insolvency reorganization proceedings for its three Hungarian subsidiaries.
As a result of long-term negotiations among the biggest creditors throughout 2014, the restructuring plans were approved at creditors meetings in December and later on by the Budapest Commercial Court. As part of the approved reorganization the subsidiaries transferred Váci 1 (former stock exchange building) and Szervita assets to the financing bank and Paris Department Store to the Hungarian Republic, which exercised its preemption right. Within the reorganization settlement ORCO paid to the financing bank EUR 9 million in consideration of the release of corporate guarantees provided by the Company as well as the release of pledges on Vaci 188 project, which was cross-collateralized in favor of the financing bank.
Further to the successful completion of these Hungarian reorganizations ORCO intends to proceed with orderly disposals of its remaining Hungarian assets, subject to its satisfaction with market offers. This is in line with the Company strategy to exit Hungarian and Slovak markets.
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