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DGAP-News A large majority of Orco Germany bondholders and warrantholders approve joint restructuring transaction (deutsch)

Nachrichtenagentur: dpa-AFX
 |  08.05.2012, 09:14  |  396 Aufrufe  |   | 

A large majority of Orco Germany bondholders and warrantholders approve joint restructuring transaction

DGAP-News: ORCO Germany S.A. / Key word(s): Bond

A large majority of Orco Germany bondholders and warrantholders

approve joint restructuring transaction

08.05.2012 / 09:13

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A large majority of Orco Germany bondholders and warrantholders approve

joint restructuring transaction

The general meetings of the holders of Orco Germany ('OG') bonds registered

under ISIN code XS0302623953 and the holders of the OG warrants registered

under ISIN code XS0302626899 held in Luxembourg on 7 May 2012 approved the

terms of the joint restructuring of the OG and Orco Property Group ('OPG')

bond debt.

For the OG bonds, approximately 72.5% of the total number of OG bonds

outstanding was present or represented, constituting a valid quorum, and the

resolutions were passed by a vote of 100% of the votes cast.

For the OG warrants, approximately 76% of the total number of OG warrants

outstanding was present or represented, constituting a valid quorum, and the

resolutions were passed by a vote of 100% of the votes cast.

Approximately 84.5% of the OG bonds (subject to rounding) held by each

bondholder will be converted into Obligations Convertibles en Actions (the

'OCA') expected to be issued by OPG on or around 9 May 2012. The first

conversion of the OCA into up to 18,361,548 new OPG shares is expected to

take place on or around 14 May 2012 and OPG's corporate share capital will

increase from EUR 69,920,850.60 represented by 17,053,866 shares to up to

EUR 145,203,197.40 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 finalizing its accounts so that an up to

date prospectus can be submitted to the CSSF for consideration.

A hearing is scheduled on or around 14 May 2012 before the Paris Commercial

Court to consider OPG's request to modify the 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

warrantholder general meetings. On 15 May, the 2012 OPG bondholder general

meeting will be held and the results will then be submitted to the Paris

Commercial Court. The second conversion of the OCA, the conversion of the

OPG bonds into OPG shares, and the issuance of new notes for the balance of

outstanding OG and OPG bonds, as well as the timing for these operations

will depend on the decision of the Paris Commercial Court.

For further detailed information please visit our website on:

http://www.orcogermany.de/

Contact:

Kirchhoff Consult AG

Sebastian Bucher

Herrengraben 1

D-20459 Hamburg

T +49 40 60 91 86 18

F +49 40 60 91 86 60

sebastian.bucher@kirchhoff.de

End of Corporate News

---------------------------------------------------------------------

08.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a

company of EquityStory AG.

The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------

Language: English

Company: ORCO Germany S.A.

42, rue de la Vallée

L-2661 Luxembourg

Grand Duchy of Luxembourg

Phone: +49 (0)30 390 93 116

Fax: +49 (0)30 390 93 199

E-mail: patricia.jaenisch@orco-gsg.de

Internet: www.orcogermany.de

ISIN: LU0251710041

WKN: A0JL4D

Listed: Regulierter Markt in Frankfurt (Prime Standard);

Freiverkehr in Düsseldorf, Stuttgart

End of News DGAP News-Service

---------------------------------------------------------------------

168519 08.05.2012


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