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 "
Les Fossoyeurs
", which denounced the abuse of residents and financial embezzlement by former leaders.
Read alsoOrpea files a complaint against its former general manager
“
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.
