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Old May 31st, 2009, 09:33 PM   #441
AUTO
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Don't panic, they will finish this building when trere will have money for that. They can't change the project and demolish them is imposible because it's not economical.
I hope the building will be ready before euro 2012
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Old June 26th, 2009, 04:28 PM   #442
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So what´s the official status of this building now: u/c, on hold or canceled?
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Old June 26th, 2009, 04:38 PM   #443
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Finance reengineering
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Old June 26th, 2009, 06:13 PM   #444
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Quote:
Originally Posted by Deadeye Reloaded View Post
So what´s the official status of this building now: u/c, on hold or canceled?
Now it's officialy on hold. Construction will be resumed in 3 months at the earliest.
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Old June 26th, 2009, 07:25 PM   #445
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nice design!
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Old August 15th, 2009, 07:53 AM   #446
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I hope it will continue.
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Old August 16th, 2009, 08:38 AM   #447
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Any updated from Poland?
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Old August 16th, 2009, 06:03 PM   #448
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Nope.
But last Friday there was an official opening of Sea Towers complex in Gdynia and every TV station made big news on the crisis in the building market in Poland, so there was a good occasion to ask developer (Orco Group) about Z44. Orco officially still stands on position they will resume construction works this year, but no farther details have been given. I bet they will just start works some day in the Autumn without any prior notice.
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Old November 5th, 2009, 04:17 PM   #449
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October 30th, 2009

Quote:
Puls Biznesu:

Orco Reloaded?

2009-10-30 07:41

Draft Gold 44 will continue. Warszawska investment is a kind of barometer of the situation of the developer. His post can go up.

Starting at 7 months Orco Property Group is working on a debt restructuring under the protection of the Paris court. The developer has obtained permission for its extension, which gives him another few months of protection against claims of creditors.

- The decision to use the "Procédure de Sauvegarde" [safeguard procedure according to French law - note. ed] was not easy, but appreciate it as very good. Stand still of the opinion that a better solution than the sale of assets - said Jean-Francois Ott, President of Orco.

The company has to restructure approximately EUR 1 billion of debt.

- We are working on an ongoing basis. Actually, every day credits rolled. Until recently, approximately 500 million represented short-term debt, now it is only about 300 million - underlines Jean-Francois Ott.
Patient investor

Obligatariusze, the Orco Property Group is nominally owe more than EUR 400 million, but the plan did not accept the conversion of debt securities into shares and new bonds.

- We made all obligatariuszom offer, which in our opinion was good, but did not accept it. Now the negotiations will take place with the holders of each tranche of bonds through a representative of the court - explains Jean-Francois Ott.
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Old November 5th, 2009, 06:49 PM   #450
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so when will they restart construction ?
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Old November 6th, 2009, 09:44 PM   #451
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We are waiting for sentence polish court. Nobody know.
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Old November 6th, 2009, 10:04 PM   #452
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Quote:
Originally Posted by sprintek View Post
We are waiting for sentence polish court. Nobody know.
No offence, but get some language lessons before you write or check correctness of your post at least...

However getting back to the topic we're talking about, as sprintek tried to say, at the moment statement of the court in Poland is still unknown. Being honest, our judicial system is really inefficient, so no one is sure about when the process will propably end.

Last edited by Dzwonsson; November 6th, 2009 at 10:17 PM.
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Old November 7th, 2009, 11:15 PM   #453
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A few days ago the director of Orco's polish office talking that, they (Orco) will probably have a credit from banks in december this year and the Zlota 44 will be u/c in I quarter 2010.
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Old November 8th, 2009, 05:17 AM   #454
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This gorgeous project hopefully starts soon again, what a shame.
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Old November 8th, 2009, 05:36 AM   #455
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Warsaw need this before 2012
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Old November 8th, 2009, 02:44 PM   #456
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What was the initial projected completion date on this bad boy? 2011? The Warsaw forumers should put all their money together and buy some of the apartments from Orco to help their financial situation
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Old November 22nd, 2009, 07:46 PM   #457
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When is the construction going to continue? Will it be done before Euro 2012?
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Old November 22nd, 2009, 08:45 PM   #458
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Quote:
Originally Posted by Sylver View Post
When is the construction going to continue? Will it be done before Euro 2012?

No.
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Old November 22nd, 2009, 08:54 PM   #459
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Orco says they propably will start it for the spring 2010 (it's quite real), cause they're succesfuly negotiating financial aspects. Zlota44 is their most important project.
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Old November 22nd, 2009, 08:59 PM   #460
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Quote:
Originally Posted by wholagun View Post
No.
You never know. Latest news are very promissing... Orco promises to finalize negotiations with banks about financing of the project still in 4Q 2009.
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