The private group of retirement and health homes Orpea announced on Thursday the extension by one month, until March 25, of the amicable conciliation procedure opened on October 25, to convince certain creditors to join the restructuring agreement of his debt.
The amicable conciliation procedure opened by the president of the Nanterre Specialized Commercial Court, under the aegis of Maitre Hélène Bourbouloux, was to end on February 25.
"
No new extension can take place
" after March 25, said the manager of retirement homes and clinics in financial difficulty.
The group also announces “
considering
” to request “
the opening of an accelerated safeguard procedure in March
”, in order to “
allow the implementation of the agreement in principle relating to its financial restructuring announced on February 1
”.
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The extension of the conciliation procedure should in particular allow the group "
to continue to broaden the support of unsecured financial creditors who have not yet been able to adhere to the lock-up agreement signed on February 14
", indicated Orpea. .
Orpea concluded an agreement that day with, on the one hand, a group of French investors led by the Caisse des dépôts and also including the insurers CNP Assurances and MAIF and, on the other hand, "five institutions
holding unsecured debt of Orpea
(the SteerCo)”.
Given the extension of the conciliation procedure, the deadline for joining the “
lock-up
” agreement is now set for March 10, indicates Orpea.
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This agreement plans to erase 3.8 billion euros of the group's debts out of a total of 9.7 billion, by converting them into capital.
At the end of the process, the group led by the CDC will hold 50.2% of the capital of Orpea, the creditors 49.4% and the current shareholders, if they decide not to participate in the capital increases which will be open, 0.4%.
The Orpea share lost 3.68% to 2.64 euros on Thursday morning, in a slightly rising market.
It has lost 97% of its value since January 2022, when the investigative book Les Fossoyeurs by Vincent Castanet was published, which revealed abuse of residents and financial misappropriation of the private giant of retirement homes.