Orco Gains Most in Two Months in Paris After Debt Swap Agreement

Orco Property Group SA (ORC) climbed the most in more than two months in French trading after the developer in central Europe said its German unit secured an agreement with bondholders to convert debt into shares.

The stock rose as much as 21 percent, the biggest intraday advance since Feb. 3, and traded up 11 percent to 3.74 euros by 2:47 p.m. in Paris.

Bondholders in Orco Germany SA voted last week to swap 100.1 million euros ($131 million) of debt to notes convertible into shares, the parent company, which is overhauling its debt under a court-approved plan, said today in a statement.

In Prague trading, Orco added as much as 3.2 percent before retreating 1 percent to 90 koruna.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.