Orpea - comment

As outlined in Orpea’s statement when confirming the signature of the lock-up agreement, Orpea have commenced discussions with secured lenders of the Group in order to make changes to the documentation, specifically the financial covenants. Press reports the deadline for responses is end of the month. This is a common step for a company seeking to prepare for a Sauvegarde and the secured lenders will have been expecting this. Ahead of launching an Accelerated Safeguard procedure in March, the company still ought to announce how many of the unsecured creditors have acceded to the lock-up agreement