Orco safeguard proceedings extended; shareholders meeting postponed

By Caroline Salls

Pittsburgh, Oct. 15 - Orco Property Group SA's safeguard proceedings have been extended by six months by the Paris Commercial Court, according to a company news release.

As a result of the extension and the recent bondholders' rejection of the company's plan, Orco said its board of directors has decided to postpone the Oct. 20 shareholders meeting.

The company said the meeting will be rescheduled following individual consultations with bondholders and after Orco's management presents a new plan.

Orco Property Group is a Central European developer and asset management company based in Luxembourg.

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