PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Orco granted 6mth protection from creditors in French court
CEE listed development and investment company Orco Property has applied for protection from creditors by a court in Paris for six-months, renewable. It follows Orco's postponement of 2008 results, now due by end-March. Orco's board will accelerate its restructuring plan in view of the real estate and market crisis, and has mandated management to open discussions with creditors and potential investors to improve its balance sheet. It faces a combination of a slowdown in its divestment plan, difficulties in obtaining repayment of shareholder loans granted to some subsidiaries, and payments to banks on lending.