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ORCO PROPERTY GRP : A large majority of the 2010, 2013 and 2014 OPG bondholders approve proposed restructuring transaction - Next 2012 OPG bondholder meeting to be held on 15 May 2012

04/27/2012 | 01:43pm US/Eastern
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The general meetings of the 2010, 2013 and 2014 OPG bondholders held today in Luxembourg approved the terms of the restructuring transaction previously announced on April 10 and 18 (the "Joint Agreement"). As such, the minimum OPG bondholder approval requirement of the Joint Agreement has been satisfied. Altogether those three tranches would represent EUR 504 Million of equitized and exchanged bonds against new notes out of a total Safeguard liability amounting to EUR 549 Million.
As agreed with the OPG bondholder representative for the 2012 bonds, which were not represented in the Joint Agreement, representing EUR 29 Million of potentially equitized and exchanged bonds, the 2012 OPG bondholder general meeting scheduled for today was cancelled to provide additional information and time to the 2012 bondholders. A new meeting will be held on 15 May 2012 to vote on the terms of the Joint Agreement.
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