Orco Germany, the German unit of Orco, said that its GSG Asset GmbH & Co. Verwaltungs KG subsidiary has signed an extension on its debt standstill agreement with the Royal Bank of Scotland.
Orco Germany, the German unit of Orco, said that its GSG Asset GmbH & Co. Verwaltungs KG subsidiary has signed an extension on its debt standstill agreement with the Royal Bank of Scotland.
'In light of the progress of negotiations with new banking partners about the refinancing of the loan, the parties agreed to prolong the standstill agreement until 20 July 2012,' the company said. GSG will continue to pay off the loan on a regular basis, which now stands at a principal of EUR 285 mln.
The GSG loan terminated on 15 June 2012.
