March 16, 2015

Deal marks the largest-ever fully consensual lender-led restructuring in France 

Willkie represented members of the ad hoc lender committee and anchor investors as part of the financial restructuring of the French fashion retailer Vivarte, marking the largest-ever fully consensual French restructuring. The restructuring involved a debt for equity swap/write off of €2 billion and a €500 million infusion of new money. The deal was completed on a fully consensual basis among 170 lenders. The number and variety of stakeholders led to complex dynamics between CLOs, hedge funds, par and distressed investors, banks and other alternative capital providers. The deal was also the largest-ever fully consensual lender-led financial restructuring in France. The  Willkie team included Alexandra Bigot, Graham Lane (Restructuring), Annette Péron, Gabriel Flandin (Corporate), Paul Lombard (Financing), Philippe Grudé and Richard Reinhold (Tax).