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

This post was originally published on this site

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.