Orpea's rescue plan approved by French court (updated)
24/07/2023 18:34
(Adds CEO quotes and background)
July 24 (Reuters) - French nursing care provider Orpea
ORP.PA had its accelerated safeguard plan approved on Monday
by a court, the company said in a statement, a key step in the
financial restructuring of the heavily indebted group.
The Nanterre Commercial Court's decision should enable the
implementation of an agreement signed in February with a group
of investors led by France's public lender, Caisse des Depots et
Consignations (CDC), which will take control of the group,
making the French state its main shareholder.
"Today an essential decision has just been taken to save the
company," CEO Laurent Guillot said in a statement. "ORPEA's
future is therefore assured."
The restructuring plan was approved at the end of June by a
majority of the groups of creditors. Orpea needed the court
ruling to impose it on all of them.
(Reporting by Augustin Turpin and Dina Kartit; Editing by Jan
Harvey and Alison Williams)
((augustin.turpin@thomsonreuters.com;))