The private nursing home group Orpea, in turmoil since the release in January of an investigative book, announced Monday that justice had validated its conciliation protocol with its banks aimed at ensuring its financing in an uncertain context.

A breath for the group

“Continuing the overhaul of its group financing strategy, Orpea announces the conclusion and approval of a conciliation protocol with its main banking partners,” the group said in a press release.

It was the Commercial Court of Nanterre which validated the protocol on June 10.

This agreement should allow Orpea to finance its activity as well as its investments.

It must also enable it to “satisfy the maturities of its existing financing on a good date without modification of their terms”, specifies the press release.

The agreement provides in particular for the granting of a loan of 1.73 billion euros, the implementation of an asset disposal plan for more than 3 billion euros by the end of 2025 and a optional loan for a maximum amount of 1.5 billion euros.

350 establishments in total

Orpea, present in 23 countries and which manages more than 350 establishments for dependent elderly people in France, announced in May when publishing its annual results the signing of an agreement in principle with its banks to ensure its financing in order to meet "to the current context of uncertainties".

Orpea has been under fire from critics since the publication at the end of January of Victor Castanet's investigative book "Les Fossoyeurs".

The independent journalist denounced in particular the mistreatment of residents and the misuse of public funds.

These dysfunctions were partly confirmed in a report commissioned in the wake of the government, which demanded the restitution of public grants allegedly diverted from their purposes.


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