Orco proposes debt to equity swap in Suncani Hvar
Mr. Jean Francois Ott, CEO of Orco Property Group, visited Zagreb on Friday and met with the Croatian government to discuss restructuring of tourism company Suncani Hvar. Mr. Ott proposed a debt to equity arrangement in which Orco and the Croatian government, the two biggest shareholders and private-public partners in Suncani Hvar, would transform their claims in the amount of HRK 80mn and HRK 18mn into equity of the company. Mr. Ott said that such arrangement is encouraged by commercial banks, which conditioned their further support to the company with such restructuring. The Croatian side should decide on the proposal on Wednesday.