Orphanides: Revaluation of properties and new bids process
14/6/2013 17:39
We wish to inform the creditors of Orphanides Public Company Ltd on the course and development of the Administration process, further to the announcement dated 18/4/2013, at the Hilton Hotel during the Annual General Meeting of the creditors.
This announcement aims to inform the creditors on the sealed bids process for the sale of the Company’s assets, which was completed on 15/5/2013. Originally, the last date of submission of bids was 15/4/2013, but due to the unfavourable developments in the Cypriot economy with the Eurogroup decisions, it was decided that the date of submission of bids will be extended until 15/5/2013.
On 15/5/2013 and following the completion of the sealed bids process after the opening of the bids and in the presence of both the secured creditors and the Committee that represented the non-secured creditors, it was ascertained that the submitted bids concerned only a limited number of assets and properties of the Company. After the opening of the sealed bids, they were received by the Administrators/Receivers, who assess each one separately and any decisions will be announced.
Due to lack of serious interest, the Administrators/Receivers proceeded with the revaluation of all assets and properties and soon they will publish a new bids process in the daily press, which will include direct negotiations with any interested buyer. The new process will concern the Company’s properties and the rest of its assets. Further information on the process will be included in an announcement of the Administrators/Receivers in the press in the next few days.
This announcement aims to inform the creditors on the sealed bids process for the sale of the Company’s assets, which was completed on 15/5/2013. Originally, the last date of submission of bids was 15/4/2013, but due to the unfavourable developments in the Cypriot economy with the Eurogroup decisions, it was decided that the date of submission of bids will be extended until 15/5/2013.
On 15/5/2013 and following the completion of the sealed bids process after the opening of the bids and in the presence of both the secured creditors and the Committee that represented the non-secured creditors, it was ascertained that the submitted bids concerned only a limited number of assets and properties of the Company. After the opening of the sealed bids, they were received by the Administrators/Receivers, who assess each one separately and any decisions will be announced.
Due to lack of serious interest, the Administrators/Receivers proceeded with the revaluation of all assets and properties and soon they will publish a new bids process in the daily press, which will include direct negotiations with any interested buyer. The new process will concern the Company’s properties and the rest of its assets. Further information on the process will be included in an announcement of the Administrators/Receivers in the press in the next few days.
