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France's investment arm CDC says offer to restructure Orpea 'still on table'

France's investment arm CDC says offer to restructure Orpea 'still on table'
France's investment arm CDC says offer to restructure Orpea 'still on table' Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
Published on Updated
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- Caisse des Depots's (CDC) offer to restructure Orpea's debt is still on the table, the French public financial institution said on Friday, a day after the care homes group said it had failed to reach agreement with investors and creditors. "We want to have control of the governance so that our publicly stated conditions (complete change of practices and clean up of the balance sheet) in mid-November are implemented", CDC said in an e-mailed statement to Reuters.

Orpea, plagued by allegations of malpractice at its care homes, has held discussions with French investors, led by CDC and a group of creditors holding about 50% of its 3.8-billion-euro ($4.1 billion) unsecured debt. The company also said it would continue discussions with the group of unsecured creditors to reach an agreement on the restructuring plan, which includes a share capital increase for an amount between 1.3 billion and 1.5 billion euros.

Separately, French business daily Les Echos reported on Thursday that private equity giant KKR & Co might be interested in buying the care home operator's home services business Domidom and has mandated Centerview bank for this purpose.

Neither Orpea nor KKR immediately responded to a request for comment on the report.

($1 = 0.9222 euros)

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