Orco Property Group granted extension of safeguard proceedings

By Lisa Kerner

Charlotte, N.C., March 10 - Orco Property Group SA's protection from creditors under a safeguard procedure has been extended to June 25 from March 25 by the Paris Commercial Court, according to a company news release.

As previously reported, the procedure, reserved for companies that can demonstrate their solvency, allows a company to continue operations while completing a restructuring plan.

Orco was granted a similar extension in December.

The company believes its restructuring plan should be circulated among creditors at the end of March.

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

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