(Boursier.com) — Orpea SA announced the opening, on March 24, of an accelerated safeguard procedure by the Nanterre Specialized Commercial Court, with an initial observation period set at 2 months, which may be renewed for 2 months. additional without exceeding a total duration of 4 months maximum.
The purpose of the opening of this procedure is in particular to allow the implementation by the company of its restructuring plan in accordance with the agreements reached under the terms:
– of the lock-up agreement relating to the financial restructuring of the company concluded on February 14 with, on the one hand, the group of long-term French investors including Caisse des Dépôts, CNP Assurances, MAIF and MACSF (the Group), and on the other hand, 5 institutions holding the Company’s unsecured debt (the ‘SteerCo’), to which approximately 51% of the Company’s unsecured creditors (including members of the SteerCo) (representing an outstanding amount of unsecured debt of approximately 1 .9 billion euros) joined, on the deadline of March 10, 2023, and
– of the stage agreement in view of the opening of an accelerated safeguard concluded on March 17, 2023 between the company and its main banking partners, providing for the terms and conditions of additional financing of 600 ME and an adjustment of the financing documentation for June 2022 .
In this context, the court appointed SELARL FHB, in the person of Maître Hélène Bourbouloux, as judicial administrator and SELARL AJRS, in the person of Maître Thibaut Martinat, as joint judicial administrator.
“Massive” dilution
As indicated on several occasions by Orpéa in its previous communications, the implementation of the capital increases envisaged as part of the financial restructuring plan, which should be completed during the second half of 2023, will lead to massive dilution for existing shareholders.
Based on the financial parameters previously communicated by Orpéa and the valuation of the equity of the company selected by the parties for the purposes of these transactions, these capital increases would take place at issue prices significantly lower than the current market price of the Orpea share.
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