On 21 December 2022, Orpea, the troubled French care-home operator provided further information on impairments to its real estate portfolio, financial receivables and intangible assets. The results were broadly in line with our expectations, as detailed in our 25 November 2022 analysis of Orpea — searching for equity and asset value — which focused on the implied equity value and asset coverage for investors participating in its restructuring and €1.2bn-€1.5bn capital raise. In this report we take a closer look at the latest impairments and update our analysis.