Orpea - comment

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 affected parties, approving at the required majority level (66%), three others, including the shareholders’ class with more than 50%, and the Convertible bonds (OCEANE) at 49% in favour. The cross-class cram down will leave the Unsecured creditors fully equitised with 49.4% of the equity, post-completion of the new money. 

However, there is still one outstanding hurdle required, namely the purging of appeals lodged in May requiring an obligatory takeover bid for Orpea by the controlling shareholder, Groupement (Caisse des Dépôts et Consignations, Mutuelle Assurance Instituteurs de France (MAIF), CNP Assurances and MACSF Epargne Retraite ) which is expected to be taken by the Paris Court of Appeal in Q4.