Orco Property Group : the Procedure de Sauvegarde is extended until the end of June
Orco Property Group : the Procedure de Sauvegardeis extended until the end of June
Paris, March 10th, 2010 Orco Property Group S.A., real estate investor and developer in Central and Eastern Europe, and its subsidiary Vinohrady S.A.R.L. announce that today the Paris Commercial Court decided to extend the observation period for the Procedure de Sauvegarde by three months until 25 June, 2010. Orco is currently finalizing its Sauvegarde plan which should be circulated among creditors at the end of March 2010.
The Sauvegarde plan, together with its proposal to creditors, will be officially notified by the creditors representative ("mandataire judiciaire") to the creditors who will then have one month from receipt to express their opinions. Regarding the bonds, the Sauvegarde plan and the company's proposal will be notified to each bondholder representative whom shall convene bondholders assemblies to record the bondholders' opinions on the company's proposal.
The Court will decide at its sole discretion whether to approve Orcos proposed Sauvegarde plan. Throughout the extension until 25 June, 2010, Orco will remain subject to the Procedure de Sauvegarde rules.
The Company plans to communicate to the public on its Sauvegarde plan at the same time as its annual 2009 audited accounts on 30th March 2010.
For more information, please, visit shareholder corner on www.orcogroup.com or contact:
Nicolas Tommasini, Tel : +33 1 40 67 67 00, email@example.com
Petra Zdenkova, Tel : + 420 226 502 226, firstname.lastname@example.org