ORCO PROPERTY GROUP – Termination of Safeguard Plan
ORCO PROPERTY GROUP (the “Company” or “OPG”) announces that considering the full payment by OPG of its liabilities due under the Safeguard plan, the Paris Commercial Court (the “Court”) pronounced on 26 October 2015 the termination of the Company’s Safeguard Plan.
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).
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For more information please refer to OPG press releases of 22 June, 20 August and 24 September 2015 and visit www.orcogroup.com
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