Orpea - comment

With the restructuring going through the last phases of the process, we have shelved the name. As part of the accelerated safeguard plan, Orpea have launched its share capital increase which is underwritten by the unsecured creditors who will offset their unsecured claims. This follows the ruling by the Paris Court of Appeal which rejected the appeals by certain shareholders and a minority of the unsecured creditors over the validity of the Safeguard plan. 

In addition, as part of the plan, the AGM scheduled for 22nd December will likely see the appointment of a new board of directors, dominated by the new money providers, namely Caisse des Dépôts et Consignations, CNP Assurances, MAIF and MACSF. We see a long road of recovery ahead on an operational front for Orpea.