(News Bulletin 247) – Orpea suffered one of the biggest falls in the SBF 120 on Friday on the Paris Stock Exchange following the announcement of a court decision deemed unfavorable for the operator of retirement homes.
According to a group of investors, the Versailles Court of Appeal yesterday ordered a rectification of the distribution of the classes of parties provided for by the Commercial Court of Nanterre, as well as a modification of the class of unsecured creditors, c ie holders of debt without any particular guarantee.
‘This decision has important consequences for the entire restructuring procedure of the company since it means that the voting process must start again’, underlined the ‘Support Club’, which brings together several international investors.
The association believes that the directors of Orpea have no other solution than to restart the voting process and urges them to provide a mechanism to identify the unsecured creditors to whom guarantees have been granted.
The ‘Support Club’ brings together funds such as Fortress Investment Group, Kite Lake Capital, Kyma Capital, LMR Partners and Whitebox Advisors, all unsecured creditors of Orpea.
In cumulative data, their assets represent 497 million euros of non-privileged claims from Orpea.
Around 4:30 p.m., the title of the health care group dropped more than 4%.
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