Orco leaves creditor protection regime

he once-distressed developer's share jumped nearly 15 percent on the news, although it was ultimately unable to escape the slump affecting stock markets worldwide. So what's next for the company? Will it be able to produce the income it needs to begin paying off its creditors?
Over the course of the past year, the company tried to convince its bond holders to accept haircuts of varying severity, but as they are wont (and entitled) to do, the bond holders held out for a better deal. In the end, the court in Paris overseeing the process forced them to accept Orco's plan to pay them out, in full, over the next 10 years.
For the next three years, Orco plans to finish off its current projects, sell off "mature" rental assets and its existing residential backlog, get rid of non-core activities and invest any free cash not used for debt servicing into its existing land bank. The years 2014 to 2016 will be marked by less investment and more asset management, but it envisions beginning the huge Bubny project in Prague 7. The next three years will be spent completing the pay off of its liabilities, selling off further assets and completing Bubny.