As a consequence of real estate crisis the Company requested in early 2009 the opening a French law insolvency type of proceedings, known as Safeguard (Sauvegarde) with the Paris Commercial Court (the “Court”). The Safeguard was opened in favor of the Company by a judgement of the Court on 25 March 2009 pursuant to the European Regulation n°1346/2000 and articles L.620-1 et seq. of the French Commercial Code. The Safeguard plan of the Company was approved by the Court on 19 May 2010 and provided the Company with a ten year payment schedule to repay its liabilities admitted to Safeguard. In 2012 the Company successfully completed the group’s bond restructuring, which restructured EUR 411 million in nominal OPG bond debt (EUR 549 million in remaining Safeguard payments) and EUR 100 million in nominal former ORCO Germany bond debt (EUR 129 million including interest and redemption premium.
Following the Company’s reorganization that took place in 2014 the Company decided to request a modification aimed at termination of the Safeguard plan linked with an early repayment of those liabilities admitted to the Safeguard plan that became due.
The Company requested the Court to amend the Safeguard plan to...
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