Orpea jumps after French court approves rescue plan
25/07/2023 08:27
** Shares in French nursing care provider Orpea ORP.PA
rise 12.1% after the company announced its accelerated safeguard
plan had been approved on Monday by a court
** The Court's decision should enable the implementation of
an agreement to make the French state Orpea's main shareholder
** Portzamparc says the news is unsurprising but a
nontheless "decisive" step for the company to complete its
restructuring, which could culminate with capital increases by
the end of the year
** Due to a lack of necessary majority amongst board
members, "each of the planned capital increases should lead to
the issue of a number of new shares 10x more than would be the
case if each class were to approve", it adds
** Including today's rise the stock has dropped by 66.79 %
YTD
(Reporting by Victor Goury-Laffont)
((Victor.goury-laffont@tr.com))