Brief: Orpea Says The Specialised Commercial Court Of Nanterre Approves Accelerated Safeguard Plan Proposed By Company

Emeis SA

24/07/2023 17:53

July 24 (Reuters) - Orpea Sa  ORP.PA :
    * ORPEA ACHIEVES A DECISIVE STEP IN THE IMPLEMENTATION OF
ITS
FINANCIAL RESTRUCTURING: THE SPECIALISED COMMERCIAL COURT OF
NANTERRE APPROVES THE ACCELERATED SAFEGUARD PLAN PROPOSED BY THE
COMPANY
    * IMPLEMENTATION OF CONVERSION INTO EQUITY OF ALL ORPEA SA'S
UNSECURED DEBT, FOLLOWED BY CASH CONTRIBUTIONS OF UP TO EUR 1.55
BILLION, WILL BEGIN AS SOON AS FINAL CONDITION PRECEDENT HAS
BEEN FULFILLED
    * COURT'S APPROVAL OF OUR ACCELERATED SAFEGUARD PLAN WILL
ENABLE
NEW SHAREHOLDERS TO ACQUIRE A STAKE IN A GROUP THAT WILL ALREADY
HAVE A COMPLETELY DIFFERENT FACE
    * RELEVANT DECISION WILL BE TAKEN BY PARIS COURT OF APPEAL
IN LAST
QUARTER OF 2023
    * COMPANY POINTS OUT THAT THESE CAPITAL INCREASES WILL
RESULT IN
MASSIVE DILUTION FOR EXISTING SHAREHOLDERS IF THEY DO NOT TAKE
PART
    * AFTER THESE EQUITY TRANSACTIONS, AND IN ABSENCE OF ANY
REINVESTMENT, EXISTING SHAREHOLDERS WOULD HOLD AROUND 0.04% OF
CAPITAL, WITH THEORETICAL VALUE OF SHARE IN THIS CONTEXT BEING
0.02 EURO

Source text for Eikon:  ID:nBwFjrrMa 
Further company coverage:  ORP.PA 

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