The Support Club Welcomes the Rulings Made at the Versailles Court of Appeal in Relation to Orpea on 22 June 2023

LONDON & PARIS--(BUSINESS WIRE)--The Support Club welcomes the Versailles Court of Appeal’s decision to partially overturn the investor classes order of the restructuring, issued by the commercial court in Nanterre, and for the unsecured creditor class to be modified. This has significant implications for the entire restructuring process and means that the voting process should be restarted. In its decision the Court has considered that the creditors holding secured debt, including banks that were granted additional collateral during the first and second conciliation processes, should be classified differently than the unsecured creditors, so separately from other class 7 creditors.

• As a result, the Support Club urges the administrators to call a new vote with proper notice and provide for a mechanism to identify unsecured creditors that were granted security.
• For the administrators to abide by the law, there is no alternative but to restart the voting process and to consider all votes submitted so far as null and void.
• The Support Club is also evaluating further implications of this ruling and will provide a further update in due course.

About Support Club

The Support Club is a group of funds managed by Fortress Investment Group, Kite Lake Capital, Kyma Capital, LMR Partners and Whitebox Advisors who are unsecured creditors of Orpea SA (a French healthcare provider), representing €497m of Orpea’s unsecured claims and managing over $62 billion in AUM.