As part of the financial restructuring of Emeis (previously Orpea), management has undertaken to dispose of c. €1.5bn of assets by the end of

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

Never mind its balance sheet woes, we have always struggled with the underlying business and the H1 results underline that. Occupancy rates increasing in all geographical areas (except France where it was down to 83.4% from 84.6%) weren’t enough to absorb the

Orpea continue their strategy to reduce asset ownership to a target level of 20-25% of operated assets in the medium term.  Orpea entered into a new

Orpea have drawn a further €200m under the new financing agreement.  We are surprised that the Company feels the need to report this as this was

The Nanterre Court has approved the accelerated safeguard plan by way of cross-class cram-down. Orpea has previously disclosed the voting, with six of the ten classes of

The company has asked the court of Nanterre to approve its Sauvegarde plan via X-class cram down - and to effectively ignore the appeals court’s earlier

The company has refused a recent request from a group of shareholders for a General meeting.  The shareholders had requested the ability to appoint

On Friday, Orpea entered into an Accelerated Safeguard procedure, in order to implement its restructuring plan. Note that the time is limited to a maximum of 4 months, with

Orpea have clarified the structure of the previously announced additional facilities and reconfirmed the annual cash sweep mechanism based on disposals. This is a

Orpea have reached their long stop date of 10th March, and as of that date, 51% of unsecured creditors have acceded to the restructuring plan. Therefore, as planned,

Following on from Monday’s announcement, Orpea’s banking group have an agreement in principle relating to additional financing for Orpea. These include an

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

Dorian Lowell from Gleacher Shacklock held an open conference call yesterday discussing alternative options to the current Orpea restructuring proposal. This is part of the Unsecured Creditors Negotiating Group (UCNG) and ultimately they are

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

As outlined in Orpea’s statement when confirming the signature of the lock-up agreement, Orpea have commenced discussions with secured lenders of

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

Orpea released its FY22 revenue numbers as part of a wider statement this morning, which is in line with the guidance previously given. In addition to the

And we are a step closer. Caisse des Dépôts, plus CNP Assurances and MAIF and MACSF (Groupement), have reached an agreement in principle with 50% of the unsecured debt holders to a

We await a full press release from Orpea, but snippets appear to be leaked indicating the Caisse des dépôts will take a 50.2% stake post-restructuring. This was

Not sure who has blinked first, but reality has appeared to have dawned on the main parties in the Orpea discussions. Discussions have recommenced between the

Orpea released a statement last night stating the negotiations between a consortium of potential new equity providers and a group of unsecured creditors have

Over the weekend there was press speculation surrounding the make-up of the equity post unsecured equitisation and subsequent rights issue. CDC (Caisse des Dépôts) reportedly wants to

Please find our unchanged analysis here.

We continue to avoid investing in Orpea Unsecured following yesterday’s press release from the Company regarding anticipated asset write-downs in audited financial accounts. Our estimate of asset valuation was c.€6bn so the confirmation from the Company

Last night’s Orpea's statement is a rude reminder of the issues facing the business. Orpea outlined further asset write-downs of between €5-5.4bn versus previous

Please find our updated model on Orpea here.

We continue to shy away from taking a position in Orpea despite the potential upside from an agreement on debt for equity swap. Our caution is confirmed by a closer examination of the

In an attempt to draw a line under the previous regime and allegations of malpractice, Orpea has decided it will rely on the €56m claimed in public grants for