Bankruptcy | ORPEA | 24th November 2023
On November 13, 2023 ORPEA announced the launch of a share capital increase, aiming at equitizing? the entire unsecured indebtedness of the ORPEA, under the Accelerated Safeguard Plan approved by the Specialized Commercial Court of Nanterre on July 24, 2023. Accelerated safeguard proceedings are aimed at restructuring and reorganizing capital structures of distressed companies when no unanimous agreement is possible during the course of the conciliation proceedings. The Accelerated Safeguard Plan, largely inspired by the US Chapter 11 mechanisms, is a legal innovation in French insolvency and bankruptcy laws. Following the commencement of the accelerated safeguarding plan launched by ORPEA and in accordance with section 2.1.10 of the Solactive Equity Index Methodology, ORPEA will be removed from the indices effective on November 24, 2023.
- ORPEA will be removed from the Index.
- The weight of ORPEA (ORP.PA) based on its last close price will be distributed pro rata to remaining Index constituents.
- Effective Date (open): 24/11/2023
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