Orco Property Group failed to secure an investment loan for it Złota 44 project, the company said in a statement. Creditors are demanding the company repay two loans (PLN 171.1m and €19.6m) by the end of April.
Orco has assured creditors it will collect the funds needed to repay the loans by selling off its most liquidated assets. News of its failure to secure refinancing comes just a few days after the company announced it’s putting the Złota 44 project on the market. Orco posted the impairment loss of €159m on the project last year.
