Orchid Developments Group Ltd Amended Credit Facility Secured (3299S)
2012年11月29日 - 9:14PM
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RNS Number : 3299S
Orchid Developments Group Ltd
29 November 2012
29 November 2012
AIM: OCH
Orchid Developments Group Limited
('Orchid' or the 'Group')
Amended Credit Facility Secured for Orchid Center Varna
Orchid Developments Group Limited, the Bulgarian focused
property developer and investor, announces that its subsidiary
Orchid Centre Varna EOOD ("Company") has entered into an amendment
agreement with Raiffeisenbank (Bulgaria) EAD ("Bank") to amend
certain terms of the Company's existing EUR3.1 million credit
facility agreement ("Facility Agreement") related to its suspended
business center project ("Orchid Business Center Varna"). As
previously announced, due to the economic downturn, the Board
decided not to proceed with the construction of this project until
market conditions improve.
Under the term of the amended Facility Agreement, the Company
has agreed, inter alia, to:
(1) suspend the payment of the principal amount due
(approximately EUR3.1 million) until 15 May 2013;
(2) suspend the payment of the total accrued interest to date,
amounting to EUR0.42 million, until 15 May 2013;
(3) accrue interest on the principal amount outstanding for the
current period until the repayment date (15 May 2013); and
(4) during the suspension period, the Company will seek to sell
Orchid Business Center Varna at a price acceptable to the Bank. If
the asset is sold at a price which is not sufficient to cover all
amounts (principal and interest) due under the Facility Agreement,
the remaining balance will be written off by the Bank and the
Company will be released from its obligation to pay such
balance.
All of the Group's major projects under development are financed
by committed non-recourse facilities ring-fenced at the project
level and the Facility Agreement does not provide the Bank with any
recourse to the Group. If Orchid Business Center Varna is not sold
or amounts due under the Facility Agreement not paid, the Bank's
legal recourse is limited to the real estate property owned by
Orchid Center Varna EOOD only and to developments existing
thereon.
Commenting on the amended credit facility, Guy Meyohas CEO of
Orchid Developments said:
"Orchid continues to demonstrate its good relationships with its
banks. In the current tough market conditions, we are cooperating
closely with the banks in order to achieve the best outcome for
both parties. The Group is continuing to make progress
restructuring its facility loans relating to some of its projects
while seeking opportunities to realise assets at realistic
valuations."
Ends
Contacts:
Orchid Developments
Guy Meyohas +35 92 981 9955
Shore Capital and Corporate Limited
Bidhi Bhoma / Toby Gibbs +44 20 7408 4090
MHP Communications
Reg Hoare / Vicky Watkins +44 20 3128 8100
Notes to Editors:
Orchid Developments Group Ltd (OCH.L), which listed on the AIM
market in July 2005, was established with the aim of generating
value for shareholders by investing in real estate and leisure
business opportunities initially in Bulgaria.
The company is active in all principal sub-sectors of the
Bulgarian real estate and leisure markets and currently holds three
residential and six commercial property developments in Sofia and
Varna. Its principal investment is the Grand Mall in Varna, a
leading shopping mall in Bulgaria.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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