Meeting for the opening of the tenders for Orfanides PLC assets

The meeting regarding the opening of the Tenders for Orphanides PLC took place on 15 May 2013 at the offices of George Y Yiangou LLC in Nicosia.

The Sealed Tenders were opened in front of the joint receivers and Managers, as our firm has been appointed as lawyer for both of the receivers.

According to Mr. Avraam, out of the 7 proposals, 2 of the proposals are believed to be serious and relate to two of the Hypermarkets owned by Orphanides, one in Paralimni and the other in Moutayiaka, the two Hypermarkets were valued at EUR 10 million.

The expectations for Tenders were much higher than the actual Tenders received and it would appear that the interested parties are being cautious due to the current situation with the Cypriot Banks. The interested parties are possibly waiting for the removal of the austerity measures from the Banks and it is therefore believed that a second meeting will take place during the Autumn after the austerity measures have been removed.

During the meeting Mr. Avraam announced that the debts of Orphanides PLC were in the region of EUR 225 million, EUR 140 being liabilites to the Banks and the remaining EUR 85 million being debts to the suppliers.

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