Orco Property Group S.A., real estate investor and developer and its subsidiary Vinohrady S.A.R.L. announced in a statement that the Paris Commercial Court had decided to extend the observation period for the Procedure de Sauvegarde by three months until June 25, 2010.
Orco is currently finalizing its Sauvegarde plan which should be circulated among creditors at the end of March 2010. The Sauvegarde plan, its creditor proposal, and the official notification will be delivered officially to creditors by the creditors’ representative (“mandataire judiciaire”).
The creditors will then have one month from receipt to express their opinions. Regarding the bonds, the Sauvegarde plan and the company's proposal will be expressed to each bondholder representative. These representatives will subsequently convene bondholders’ assemblies to record the bondholders' opinions on the company's proposal. (press release)