Orpea - comment

Orpea’s main banking partners, the providers of additional financing, have aligned with the proposed restructuring plan of the Company, namely making it a condition that the Caisse des dépôts et Consgnations including CNP Assurances, MAIF and MACSF, hold 50.2% of the capital of the Company. This is further pressure from the Company to ensure unsecured creditors sign up to the Framework Agreement. We maintain that despite the deal being a bad one, it is the only deliverable deal and the alternatives are value-destroying.

The Company requires the additional financing to ensure sufficient cashflow until the financial restructuring is completed. The deadline to accede to the Lock-up Agreement is Friday, 10th March.