Orco Property plan changes final; distributions to be made by Oct. 19

By Caroline Salls

Pittsburgh, Sept. 24 – Orco Property Group said the Paris Commercial Court accepted its request to modify its safeguard plan, and the request became final on Tuesday.

According to a company news release, the court’s judgment amends the safeguard plan to oblige Orco to pay liabilities due under the plan to safeguard administrator within 15 days of the judgment.

The administrator will distribute the funds received from the company by Oct. 19.

Other liabilities that were admitted to the safeguard, but are conditional or uncalled, including uncalled bank guarantees and conditional claims of the holders of warrants 2014, will be paid according to their contractual terms.

In addition, the duration of the plan has been reduced to two months.

Orco said it paid €9.76 million on Aug. 28 for liabilities that are due under the plan, including €4.38 million in remaining bond debt and €5.39 million in debts toward suppliers and called bank guarantees.

Pre-safeguard liabilities that were not admitted to the process will be unenforceable.

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

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