Bond and warrant holders of Orco Germany bonds have approved the terms of the joint restructuring of the Orco Germany and Orco Property Group bond debt.
For the Orco Germany bonds, some 72.5% of the total number of bonds outstanding was present or represented, and the vote was unanimous.
For the warrants, around 76% of the total number outstanding was present or represented, and the resolution was unanimous.
Around 84.5% of the Germany bonds held by each bondholder will be converted into obligations convertibles en actions (OCA) expected to be issued by Orco Property Group on 9 May.
The first conversion of the OCA into up to 18,361,548 new group shares is expected to take place this month and the group’s corporate share capital will increase from €69.9m represented by 17,053,866 shares to up to €145m represented by up to 35,415,414 shares.
These newly issued shares cannot be publicly traded until a prospectus has been approved by the CSSF. At present, OPG is finalising its accounts so that an up-to-date prospectus can be submitted to the Luxembourg financial regulator for consideration.
A hearing is scheduled for later this month before the Paris Commercial Court to consider Orco Property Group’s request to modify the company’s Safeguard Plan in accordance with the approvals of the joint restructuring plan by the 2010, 2011, 2013 and 2014 OPG bondholder general meetings and the OG bondholder and warrant holder general meetings.
On 15 May, the 2012 Orco Property Group bondholder general meeting will be held and the results of all votes submitted to the Paris Commercial Court will be presented.
