Orco Property Group bond payment terms amended under safeguard plan

By Caroline Salls

Pittsburgh, Dec. 6 - Orco Property Group's 2012 bonds have been amended in connection with a May 19 judgment of the Paris Commercial Court adopting the company's safeguard plan, according to a news release.

Specifically, the repayment schedule of the bonds has been modified and extended to 2020 from 2012.

The amounts due, including the principal outstanding on the date of the safeguard plan approval, the interest due on the safeguard plan approval date and all interest accruing throughout the duration of the safeguard plan, will be repaid under a schedule approved by the Paris court.

Under that schedule, 2% of the debt will be repaid in the year ended April 30, 5% in the years ended April 30, 2012, April 30, 2013, April 30, 2014, April 20, 2015 and April 30, 2016, 10% in the year ended April 30, 2017, 14% in the year ended April 30, 2018, 20% in the year ended April 30, 2019 and 29% in the year ended April 30, 2020.

Orco Property Group is a Central European developer and asset management company based in Luxembourg.

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