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ORPEA SA announces an agreement in principle for a financial restructuring plan involving EUR 1.55 billion in new equity and debt conversion worth EUR 3.8 billion. Affected parties include a consortium of French investors and unsecured creditors holding about 50% of the Company’s debt. Following this restructuring, existing shareholders' stake could drop to approximately 0.4%, while new investors could hold about 50.2% of the Company. The aim is to reduce net financial debt by nearly 60% and leverage ratio below 6.5x by 2025, aligning with the Refoundation Plan presented on November 15, 2022.
ORPEA has resumed discussions with French investors and creditors regarding its €3.8 billion unsecured debt. The company has requested a suspension of its shares and debt securities listing on Euronext Paris, pending further announcements. ORPEA operates in 22 countries, focusing on elderly care, rehabilitation, and mental health services, employing over 72,000 staff and serving over 255,000 patients and residents annually. As a member of major indices like the SBF 120 and STOXX 600, the company is navigating significant financial restructuring amidst its ongoing challenges.
ORPEA, a leading global player in frailty care, announced the end of restructuring negotiations with a consortium of French investors and unsecured creditors holding €3.8 billion in debt. Despite efforts to reach a firm agreement, differing valuations hindered progress. The company plans to continue discussions with unsecured creditors to finalize a restructuring plan, including equitization of debt and a potential €1.3 to €1.5 billion share capital increase. ORPEA emphasized maintaining equal access to information for stakeholders throughout this process.
ORPEA (Euronext Paris: ORP) is undergoing significant financial restructuring due to recent fluctuations in its share price. The Group is negotiating the equitization of €3.8 billion in unsecured debt and plans a share capital increase between €1.3 billion and €1.5 billion to fund its Refoundation Plan. This move will lead to substantial dilution for current shareholders not participating in the capital increase. Ongoing discussions with creditors and investors are taking place under the supervision of a conciliator, but outcomes cannot be guaranteed.
ORPEA has made two new drawings totaling €205 million from its financing agreements as of December 2022. The funds involve the full utilization of the A4 Loan and a portion of the B Loan, essential for financing the company’s general corporate purposes. ORPEA is currently undergoing a financial restructuring aimed at securing liquidity and supporting its refoundation plan, with continuous negotiations ongoing with creditors since the October 25, 2022 conciliation process initiated by the Nanterre Commercial Court.
ORPEA has revised its 2022 anticipated asset impairments upwards to €5.0-5.4 billion before tax, impacting equity negatively by approximately €0.6 billion. The real estate assets' value is now estimated between €6.0 and €6.1 billion, down from €8.4 billion in 2021. This review covers over 90% of total assets and includes adjustments in capital employed and risk-free rates. The Group's financial restructuring plan aims to address its substantial debt, expected to reduce net leverage from 25x in 2022 to 6.5x by 2025. However, massive shareholder dilution is anticipated due to planned equity conversions.
On 20 December 2022, ORPEA (Euronext Paris: ORP) filed a new legal complaint against Yves Le Masne, former CEO, for alleged misappropriation of company assets and other serious charges. This follows an ongoing investigation initiated in April 2022 into the actions of certain former managers. ORPEA is committed to addressing financial malpractice and will continue its investigations while cooperating with the Public Prosecutor of Nanterre. The company is a major player in elder care, operating in 22 countries with over 255,000 patients annually.
ORPEA has announced the termination of its liquidity contract with Gilbert Dupont, which has been in effect since
ORPEA has unveiled a transformative plan titled "With you and for you," aimed at enhancing care quality while rebuilding trust. Key initiatives include reimbursing 55.8 million euros to CNSA, a robust hiring campaign exceeding monthly targets, and a focus on professional training for staff. ORPEA plans to recruit 1,000 apprentices by 2024 and has committed to 80% participation in training programs. The strategy seeks to improve patient care and reduce reliance on unqualified staff, all while fostering open dialogue with stakeholders.
ORPEA has announced plans to restore its financial balance by engaging in discussions with unsecured debt holders. The company aims for a 9% annual revenue growth by 2025 and an EBITDAR margin exceeding 20%. The transformation plan, 'WITH YOU AND FOR YOU', emphasizes care quality, employee welfare, and operational improvements. However, ORPEA faces challenges, including a risk of liquidity shortfall in Q1 2023 and significant potential shareholder dilution due to a proposed rights issue. The management aims to rebuild trust and refocus on its core mission of caring for vulnerable populations.
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