FRANCE Law and Practice Contributed by: Arnaud Fromion, Frédéric Guilloux and Pierre-Benoît Pabot du Châtelard, Clifford Chance
In case of classes’ unfavourable votes, the court can also decide to impose a ten-year term-out where the debtor is in insolvency proceedings ( redressement judiciaire ) or where the debtor is in regular safeguard and no classes have been constituted. Term-out is not possible for debt - ors in accelerated safeguard in case of classes’ unfavourable votes. 7.10 Expedited Restructurings Prepacked restructuring plans would be imple - mented as part of conciliation proceedings (up to a maximum of five months) followed by accel - erated safeguard proceedings (up to a maximum of four months) where cram-down might be used against dissenting creditors as explained above. Accelerated safeguard proceedings are aimed at restructuring and reorganising capital struc - tures of distressed companies when no unani - mous agreement was possible during previous conciliation proceedings but could however be implemented by way of a restructuring plan. Accelerated safeguard proceedings are available to companies regardless of their size, and the debtor remains in possession. To be eligible for accelerated safeguard proceedings, companies need to (i) be engaged in a conciliation proce - dure, and (ii) have drawn up a draft restructuring plan that is likely to receive sufficient support from the relevant affected parties to make its adoption plausible within the maximum dura - tion of accelerated safeguard proceedings. The restructuring plan is presented by the manage - ment to financial creditors only or all affected parties in classes. The court will approve the implementation of the plan pursuant to the con - ditions mentioned in 7.9 Dissenting Lenders and Non-Consensual Restructurings . Should the restructuring be more focused on operational considerations, confidential concili - ation proceedings may be used to prepare a sale
of the business as a going concern, which may be implemented in the context of further insol - vency proceedings. 8. Case Studies and Practical Insights 8.1 Notable Case Studies Please find below a list of well-known recent matters on which the authors worked. • Advising Tikehau in connection with the financing of the acquisition of Domia Shiva by Cinven. • Advising Ares in connection with the financ - ing of the acquisition of Chrystal by Goldman Sachs. • Advising Pricoa in connection with the uni - tranche financing of the acquisition of Kande - lium by Latour Capital. • Advising Five Arrows in connection with the unitranche financing of the acquisition of KeyedIn Solutions by STG Partners. • Advising Tikehau and BPIFrance in connec - tion with the unitranche financing for the Odyssey Group. • Advising Tikehau and Eurazeo in connection with the acquisition financing by Ardian of Artefact. • Advising Apera Asset Management in con - nection with the unitranche financing to Ethyx Pharmaceuticals. • Advising Eurazeo in relation to the unitranche refinancing and build-up financing of 52, owned by HLD. • Advising Bridgepoint and Cerea in relation to the unitranche refinancing and build up financing of Olmix, owned by Motion Equity Partners.
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