Orco Property Group: Request for protection from creditors in France

26/03/2009

On Wednesday, Orco Property Group SA, which is a 56.8% majority shareholder of Orco Germany SA, requested protection from claims by creditors in France. The process follows the “Procédure de Sauvegarde,” which was established in 2006 and is similar to a Chapter 11 filing in the USA. “This procedure has no direct impact on the business activities of Orco Germany SA,” the German offshoot of the real estate group announced. But it does provide a protection procedure for all the property of Orco Property Group and hence also for its share of Orco Germany. The assets of the subsidiary, as well as its business operations, remain unaffected. According to an Orco Germany company statement, “Over the past year, restructuring measures have helped ensure that the firm is no longer financially dependent on Orco Property Group.”


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