Orco Property bondholder representative appeals bond debt decisions

By Caroline Salls

Pittsburgh, Oct. 5 - Orco Property Group said the representative for its 2010, 2013 and 2014 bondholders has appealed a "juge commissaire" denial of the representative's request for a review of decisions on the admission of the bond debt in connection with the company's safeguard plan, according to a news release.

As previously reported, the bondholder representative sought to increase the overall bond debt admitted by including an additional accrued interest component and a yield component.

According to the release, the juge commissaire's Sept. 16 orders are enforceable, subject to the bondholder representative's appeal, and interest is inadmissible in excess of the interest already admitted on the original maturity of the bonds.

As a result, unless the Sept. 16 decisions are reversed, Orco said the €47 million in interest that has already been admitted under its safeguard plan in excess of the interest on the original maturity of the bonds can no longer be taken into account and will not be paid as dividends under the plan.

In addition, Orco said in the release, the Tribunal de commerce de Paris has issued a stay of third-party opposition proceedings, given that the decision on third-party opposition depends on the final outcome of the judge commissaire's interpretation orders.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.