Reuters is reporting that Jean Francois Ott has fought off an effort today by a group of minority shareholders to retain his role as chief executive. It was also decided at the shareholders meeting to approve warrants that would give Orco’s strategic suitor Colony Capital the ability to pump €80m into the company – once it emerges from creditor protection.
Chief executive Jean-Francois Ott said Orco had 400 million euros in outstanding bond debt and 1.1 billion in bank loans. “We have to restructure, we want to restructure the bonds, and that’s a job that will be done over the next few weeks,” Ott told reporters on a conference call.
This story will be updated as more details come out.