Orpea: majority of financial creditors adhere to restructuring plan

By Marisa Wong

Los Angeles, March 13 – Orpea SA announced that as of March 10, which is the longstop date to accede to the lock-up agreement relating to the financial restructuring of the company concluded on Feb. 14, about 51% of the unsecured financial creditors of the company, representing unsecured debt of roughly €1.9 billion, have adhered to the lock-up agreement.

The lock-up agreement is with, on the one hand, a group of French long-term investors led by the Caisse des Depots, accompanied by CNP Assurances, MAIF and MACSF, and, on the other hand, five institutions holding unsecured debt of Orpea.

As planned, the company will file, within the next days, a request before the specialized Commercial court of Nanterre for the opening of an accelerated safeguard proceeding in order to implement its financial restructuring plan.

Orpea is a Paris-based long-term care facility operator.

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