Orpea unsecured creditor group says will appeal restructuring plan approval

LONDON (Reuters) -A group of Orpea's unsecured creditors will appeal a court decision to approve the French nursing care provider's restructuring plan, according to a statement issued late on Monday.

Earlier on Monday, Orpea had an accelerated safeguard plan approved by the Nanterre Commercial Court, enabling the implementation of an agreement signed in February under which France's public lender Caisse des Depots et Consignations (CDC), will take control of the group, making the French state its main shareholder.

Orpea's shares rose almost 6% on Tuesday, having hit a nearly one month-high at 2.16 euros earlier in the day.

In its statement, the unsecured creditor group -- known as The Support Club -- said that it acknowledged the court's decision to approve the plan.

However, it noted that the restructuring plan "follows an illegal process and numerous unofficial agreements between certain parties."

The statement added that no alternative to the CDC offer was considered by Orpea, when other options could have been found that would have better suited creditors and shareholders.

The court decision "unjustly forces creditors into surrendering value in Orpea to the Caisse des Dépôts et Consignations at a significant undervaluation," the statement said.

The Support Club, is a group of funds managed by Fortress, Kite Lake, Kyma Capital, LMR Partners and Whitebox Advisors representing 497 million euros ($549.78 million) of Orpea’s unsecured claims. Together they manage over $62 billion in assets under management.

Orpea did not immediately respond to a request for comment.

($1 = 0.9040 euros)

(Reporting by Chiara Elisei; editing by Dhara Ranasinghe and Amanda Cooper)