The creditors of Orpea and the Caisse des dépôts (CDC) separated on a finding of failure on the night of Wednesday to Thursday as they try to find a solution on the future of the giant of retirement homes, a we learned from sources close to the negotiations.
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The Caisse des dépôts, the financial arm of the State, has proposed to raise its initial offer to provide fresh money to 1.3 billion euros – 700 million euros at the start, indicates to AFP a internal CDC source.
This is 80% of the total sum (1.5 billion euros) that Orpea needs to continue its activity and implement the transformation plan announced in the fall by its new general manager Laurent Guillot.
9 billion euros of debt
But discussions on debt restructuring are stumbling over the value at which unsecured debt in the hands of a group of investors will be transformed into capital.
Among these investors, who hold 1.8 billion euros in debt (out of a total of 9 billion in debt), managers and hedge funds such as Anchorage, Boussard & Gavaudan, Carmignac and Eiffel.
The Caisse des dépôts and its allies demand control of the governance of Orpea, shaken by the publication a year ago of the book-investigation "
", which denounced the abuse of residents and financial embezzlement by former leaders.
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We want control to ensure that practices change
,” a Caisse des Dépôts source told AFP.
For us, it's more an ethical question than a financial one
With partners, mutualists, insurers, we propose to provide 1.265 billion euros, on the basis of a valuation of the company at one billion euros.
This was not accepted by creditors
,” the CDC is told.
There is no agreement today.
Our offer remains on the table
,” adds the institution.