ORCO PROPERTY GRP : Group : Decision of the Court of Paris dated May 21, 2012
05/22/2012| 12:50pm US/Eastern
Paris May 22, 2012
Orco Property Group
Decision of the Court of Paris dated May 21, 2012
In a decision dated 21 May 2012, taking note of the agreements between Orco Property Group S.A. ("OPG") and its principal bondholders, the Commercial Court of Paris modified the Safeguard plan of OPG originally established in its 19 May 2010 decision, in accordance with the request filed by OPG on 25 April 2012.
This decision modifying the Safeguard plan, by authorizing the equitization of 90% of OPG's bond debt for EUR 493 million, and the exchange of the remaining portion for new notes to be issued by OPG, constitutes a decisive step in the deleveraging of the group.
Prospectuses will soon be filed with the CSSF in order to obtain the necessary approvals for the new shares and new notes.
For more information, visit our shareholder corner on www.orcogroup.com:
OPG: Decision of the Court of Paris dated May 21, 2012:
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Orco Property Group via Thomson Reuters ONE