(CercleFinance.com) – A concert of shareholders associated with a group of unsecured creditors of Orpea proposed on Wednesday an alternative project to the restructuring of the group, which they present as ‘viable’ and ‘entirely financed by capital private’.
This plan was set up by Concert’O, the concert of shareholders created by the family group Mat Immo Beaune and Nextstone, and by the ‘Support Club’, a group of unsecured creditors representing a total of more than 500 million euros of debt.
In concrete terms, the project provides for (1) a first capital issue of 382 million euros which would be reserved for existing shareholders, including Concert’O, (2) a second fundraising which would consist in converting 3.8 billion of debt not – secured in shares and (3) a capital increase of 518 million euros which would be open to all shareholders.
According to the group of investors, this offer has the merit of offering all stakeholders (shareholders, unsecured and secured creditors) an opportunity to invest at a fair price, and on the basis of a deemed fairer in value with regard to their respective holdings.
They believe that the project is also materially more favorable to existing shareholders by offering them the opportunity to participate at a fair price in the future creation of value.
Finally, the plan remains open to the participation of the consortium led by the Caisse des Dépôts et Consignations (CDC), subject to the necessary adjustments if necessary, they conclude.
For Concert’O and the Support Club, the plan currently carried out by the consortium led by the CDC carries an excessive risk of execution, while being discriminatory and unfair for certain stakeholders.
The two partners are asking for shareholders to have the opportunity to vote on the respective merits of the two plans proposed at a general meeting in order to choose the plan they consider to be the best for the interests of the company.
Following these announcements, Orpea shares fell 2.7% on Wednesday afternoon on the Paris Stock Exchange, one of the largest drops in the SBF 120 index.
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