Loss of control over GSG GROUP (formerly ORCO Germany S.A.) results in significant balance sheet contraction and contributes to net loss of EUR 53.4 Million for Q1
Key recent events
- Acquisition of PEKAO receivable: ORCO PROPERTY GROUP ("OPG" or the "Company, and together with is subsidiaries as the "Group") concluded on 17 April 2014 an agreement with Bank PEKAO for the acquisition of loan receivables and collateral related to the Zlota project in Warsaw. The acquisition of the loan by OPG prevents bankruptcy of Zlota project and allows OPG to proceed with an ordered sale of the project to another developer or investor without an excessive time pressure. Such process is expected to reduce the loss for the Group compared to a sale orchestrated by the lending bank and the related exercise of the corporate guarantees granted by OPG.
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