Orpea - comment

The Conciliation Procedure has been extended for an additional one month at the request of the Conciliator (Madame Bourbouloux) to 25th March. Note it is specified that no further extension can be implemented. It should also be noted that the longstop date for acceding to the Lock-up agreement is fixed for 10th March.

We are a little confused by the quantity of unsecured creditors who have/have not acceded to the Lock-up Agreement. The communication from 1st February quoted c. 50% of unsecured were in support of the Lock-up Agreement. It appears that this number has now dropped to 45%, which begs the question if some of the original SteerCo have broken away. Regardless, we see the Conciliation Process as the only game in town and the alternatives, i.e. liquidation is not appealing. We expect in the coming days some announcements from the Company stating how many unsecured creditors have agreed to the Lock-up Agreement.