Orpea - comment

And we finally arrive at the next stage. Orpea announced the signature of the lock-up agreement for the financial restructuring plan, along the lines previously discussed. The one notable change is the ability to transfer unsecured debt into an ad-hoc vehicle to facilitate investors who are unable to hold equity instruments. 

Investors can accede to the Lock-Up Agreement by contacting Kroll via orpea@is.kroll.com. There is a support fee of 75bps paid in cash by the Company on completion of the restructuring of Orpea.  

The next step is to continue discussions with unsecured creditors who are not yet parties to the Lock-up Agreement and in addition request the intuition of an accelerated safeguard procedure in March. In parallel, the Company continues its discussions with the secured lenders in order to arrange the additional finance and make certain waivers required.