© Reuters. FILE PHOTO: A view shows the logo of French care homes company Orpea at the entrance of a retirement home (EHPAD – Housing Establishment for Dependant Elderly People) in Reze near Nantes, France, February 2, 2022. REUTERS/Stephane Mahe
By Diana Mandia
(Reuters) -France’s Orpea, hit by allegations of malpractice at its French retirement homes, said on Tuesday it would scale back its international activities and focus on its core business as it considers converting almost four billion euros of debt into new shares.
The company, which has lost 90% of its market capitalisation this year, said in June an independent audit had found evidence of financial wrongdoing, and in October warned of asset impairments and said it had requested talks with creditors.
Orpea’s shares slumped 9.6% at Tuesday’s market open before paring losses to trade down 0.7%.
“Many of these countries are countries in which we have recently entered within the framework of this policy of somewhat uncontrolled international development,” CEO Laurent Guillot said of the international retreat in a…
