Get 40% Off
🤑 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Orpea creditors Kyma Capital, LMR apply to US court to obtain documentation

Published 06/22/2023, 08:00 AM
Updated 06/22/2023, 08:06 AM
© Reuters. FILE PHOTO: The logo of French care homes company Orpea is seen at the entrance of a retirement home (EHPAD - Housing Establishment for Dependant Elderly People) in Les Lilas, near Paris, France, February 1, 2023.  REUTERS/Sarah Meyssonnier

LONDON (Reuters) - Two creditors of France's Orpea have filed an application in a U.S. court against another creditor and the creditor's financial adviser to obtain and use documentation related to the care home operator's French legal proceedings, a source close to the situation said.

Orpea creditors Kyma Capital and LMR Partners lodged on Tuesday an application against Anchorage and PJT Partners (NYSE:PJT) in the U.S. District Court for the District of Delaware, the source said.

Anchorage is a member of Orpea's steering committee, a group of unsecured creditors that is supporting a proposal to restructure the French group's debt. PJT Partners are advisors to the steering committee.

Kyma Capital and LMR Partners argue that the restructuring deal benefits the steering committee at the expense of other creditors, and that the documents would back up their view.

Anchorage, PJT Partners and Orpea did not immediately respond to requests for comment.

Orpea, which was hit by allegations of malpractice at its care homes and a sharp drop in valuation, in February announced an agreement in principle with state financial institution Caisse des Depots & Consignations (CDC) and other investors to restructure its debt.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.