ORCO Germany S.A.: A large majority of the 2010, 2013 and 2014 OPG bondholders approve proposed restructuring transaction

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

27.04.2012 21:12

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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A large majority of the 2010, 2013 and 2014 OPG bondholders approve
proposed restructuring transaction
Next 2012 OPG bondholder meeting to be held on 15 May 2012 

The general meetings of the 2010, 2013 and 2014 OPG bondholders held today
in Luxembourg approved the terms of the restructuring transaction
previously announced on April 10 and 18 (the 'Joint Agreement').  As such,
the minimum OPG bondholder approval requirement of the Joint Agreement has
been satisfied.  Altogether those three tranches would represent EUR 504
Million of equitized and exchanged bonds against new notes out of a total
Safeguard liability amounting to EUR 549 Million.

The outcome of today's votes of the general meetings of the 2010, 2013 and
2014 OPG bondholders is an essential step for confirmation of the Joint
agreement and the structure of the OG bonds conversion.
For the 2010 bonds (ISIN FR0010249599), approximately 85% of the total
number of the 2010 bonds outstanding was present or represented,
constituting a valid quorum, and the resolution was passed by a vote of
100% of the votes cast.
For the 2013 bonds (ISIN FR0010333302), approximately 67% of the total
number of the 2013 bonds outstanding was present or represented,
constituting a valid quorum, and the resolution was passed by a vote of 99%
of the votes cast.
For the 2014 bonds (ISIN XS0291838992 / XS0291840626), approximately 85.83%
of the total number of the 2014 bonds outstanding was present or
represented, constituting a valid quorum, and the resolution was passed by
a vote of 100% of the votes cast.

In addition, the general meetings of the 2010, 2013 and 2014 OPG
bondholders resolved to (i) appoint ASOF Bondholder Representative Ltd as
the bondholders' representative for each of the 2010, 2013 and 2014 OPG
Bonds; and (ii) finally and definitely waive and withdraw the current
lawsuits against OPG and not to make any further challenges regarding its
Safeguard plan, subject to the approval of the modification of the 
Safeguard plan by the Commercial Court of Paris.
---
As agreed with the OPG bondholder representative for the 2012 bonds, which
were not represented in the Joint Agreement, representing EUR 29 Million of
potentially equitized and exchanged bonds, the 2012 OPG bondholder general
meeting scheduled for today was cancelled to provide additional information
and time to the 2012 bondholders.  A new meeting will be held on 15 May
2012 to vote on the terms of the Joint Agreement.
As the OPG bondholder general meeting for the 2011 OPG Bonds will be held
on 30 April 2012 in Prague as scheduled, the listing of all instruments
issued by OPG and Orco Germany S.A. ('OG') will remain suspended until the
Group has communicated the results of this assembly.
General meetings of the OG bondholders and warrantholders will be held on 7
May 2012 to approve the terms of the Joint Agreement. The restructuring
transaction will then be submitted to the OPG shareholders' general
assembly for approval.
---
The financial restructuring of OPG debts, which includes the amount of the
30 April, 2012 dividend payment under the current Safeguard plan, must be
approved by the Commercial Court of Paris.  Towards these ends, a request
to modify OPG's Safeguard plan has been submitted to the court which is
expected to examine the request during the month of May.


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Information and Explaination of the Issuer to this News:

For more information please write to: 
Nicolas Tommasini +33 1 40 67 67 23 or investors@orcogroup.com. 

27.04.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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 Announcement                             DGAP News-Service
 
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