Orco looks for Colony Capital options

Reuters is reporting something brought up in an interview with JF Ott in the Czech daily Hospodarske noviny: Orco Property Group has asked UBS to look for new investors for the company as the deal with Colony Capital looks increasingly unlikely to go through. Holders of Orco bonds recently rejected an offer by the company to convert their notes into equity at a substantial loss. Agreement with bondholders was one of Colony’s conditions for going ahead with its investment.

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