ORPEA: End of Discussions Between a Consortium of French Third-party Investors Led by the Caisse des Depots et Consignations and a Group of Unsecured Financial Creditors
19 Januar 2023 - 08:48PM
Business Wire
Regulatory News:
As indicated in its press release published on 11 January 2023
and in accordance with the announcements made in the press releases
published during the end of last year, ORPEA (Paris:ORP) has
continued over the last few days its discussions with a consortium
of French third-party investors led by the Caisse des Dépôts et
Consignations and a group of unsecured financial creditors holding
approximately 50% of the Company’s €3.8 billion unsecured debt.
These discussions have been conducted under the aegis of the
conciliator, as part of the conciliation procedure opened by the
President of the specialized Commercial Court of Nanterre. They
aimed at reaching, as quickly as possible, a firm agreement on the
restructuring plan allowing to finance the Company’s Refoundation
Plan and to reach a sustainable financial structure.
Despite its efforts to reach the said agreement, the Company
notes with regrets that the respective expectations of the
consortium of investors and the group of unsecured financial
creditors concerned in terms of valuation do not allow to reach an
agreement. Therefore, these negotiations come to an end.
The Company will continue discussions with the group of
unsecured financial creditors whose support is required to reach an
agreement on the restructuring plan in line with its proposal
communicated to the market on 15 November 2022, i.e. the
equitization of €3.8 billion of the Company’s unsecured debt and a
share capital increase for an amount between €1.3 billion and €1.5
billion.
The Company regrets the failure of these discussions but
nevertheless welcomes the efforts of each party to find an
agreement.
The Company confirms that information that could be qualified as
inside information within the meaning of Regulation No. 596/2014 of
16 April 2014 on market abuse and that may have been given on a
confidential basis to the various stakeholders in the context of
the negotiations has indeed been published to the market, either in
the past or in the context of this press release, with the aim of
re-establishing equal access to information relating to the Group
between the investors.
About ORPEA
ORPEA is a leading global player, expert in the care of all
types of frailty. The Group operates in 22 countries and covers
three core businesses: care for the elderly (nursing homes,
assisted living, home care), post-acute and rehabilitation care and
mental health care (specialized clinics). It has more than 72,000
employees and welcomes more than 255,000 patients and residents
each year.
https://www.orpea-group.com/
ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and is a
member of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and
CAC Mid 60 indices.
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Investor relations Orpea Jean-Baptiste Roussille Head of
Investor Relations j-b.roussille@orpea.net Benoit Lesieur Investor
Relations Director b.lesieur@orpea.net Toll free tel. nb for
shareholders: +33 (0) 805 480 480
Investor relations NewCap Dusan Oresansky Tel : 01 44 71
94 94 ORPEA@newcap.eu Media Relations Orpea/Image 7 Isabelle
Herrier-Naufle Directrice Relations Presse Tel : 07 70 29 53 74
i.herrier-naufle@orpea.net Image 7 Charlotte Le Barbier Tel : 07 06
78 37 27 60 clebarbier@image7.fr
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