Orpea: Orpea shares are suspended pending the outcome of a decisive vote on the restructuring plan

(BFM Bourse) – Creditors and shareholders are invited to vote today on the care home operator’s security plan.

This Wednesday marks a decisive step for the restructuring of Orpea. Shareholders and holders of Oceane bonds (convertible bonds that can be exchanged for new or existing shares) are invited to vote today on the accelerated protection plan for the care home operator.

“The company has therefore asked Euronext Paris and the Luxembourg Stock Exchange to suspend the listing of all its financial instruments until the publication of the results of the votes of the affected classes of parties (creditors and shareholders, ed. note) on the accelerated protection plan proposed of the company”, explained the group in a press release.

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“These will be noted by the judicial administrators appointed to the accelerated protection procedure, Maître Hélène Bourbouloux and Maître Thibaut Martinat”, Orpea added.

The stock is expected to resume trading when the company publishes the voting results, which in principle should happen on Thursday before the market opens.

Mega-dilution and negative equity

Remember that Orpea’s financial restructuring project must result in a mega-dilution for its shareholders of 99.6% or even 99.96%.

On Friday night, the group had published two reports published by the Ledouble cabinet, which valued the company between 6 billion and 7 billion euros in continuity of operations and between 2.6 billion euros and 3.7 billion euros in liquidation.

After the rise in the title – which had taken more than 30% on Monday at the beginning of the session – the group then gave details, stressing that these estimates related to a value of companies and not equity.

Which simply means that, in light of the evaluations of the Ledouble cabinet, the value of the company’s equity is largely negative, given that at the end of December 2022 the group had a gross debt of 9.7 billion euros…

Julien Marion – ©2023 BFM Bourse

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