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
Troubled developer Orco reconvenes restructuring EGM as bondholders waver
Troubled listed developer Orco is reconvening a key shareholder meeting on 20 October as the necessary 50% quorum was not reached in an EGM on 15 September. A general meeting of investors accepted a restructuring of 2014 warrants, but bondholder approval ran into problems. Several, claiming to represent one-third of all bonds issued by Orco, are dissatisfied with the proposed restructuring, according to a letter sent to the Fox Business portal. Orco has offered to swap bonds for new debt plus equity. Orco was granted six-month protection from creditors by a Paris court last March - which ends on 25 Sept. It is also in talks with US private equity group Colony Capital on a capital investment of about e80m.