Orchid gets extension on 97.6 mln euro loan for Bulgarian shopping mall

Under the new terms of the credit, extended by European banking consortium led by OTP and MKB Group, the payment of the principal, amounting to 2.4 million euro, due for the period from July 2012 to June 2013 will be suspended unless the company's cash flow is sufficient to make the payment, Orchid Developments said in a statement.

The principal will have to be paid by June 30, 2015.

“The new terms agreed with the banks will allow the group to provide further competitive terms to potential new tenants," the statement quoted Orchid Developments’ CEO Guy Meyohas as saying.

Orchid Developments Group operates in all principal sub-sectors of the Bulgarian real estate and leisure markets and
currently holds three residential and six commercial property developments in Sofia and Varna. Its principal investment is the Grand Mall in Varna, on the Black Sea coast, which opened in May 2011.

($=0.7766 euro)