Advising the senior lenders led by a coordinating committee comprising Babson Capital Europe, NIBC, Intermediate Capital Group, New Amsterdam Capital, M&G and CIC, in connection with the restructuring of the Alma group carried out through a lenders-led transaction.
The group’s restructuring occurred in connection with two accelerated safeguard procedures (sauvegarde accélérée) (SA) simultaneously opened in favor of the two financial holdings HAMAC and ACG Holding. Thanks to the accelerated safeguard – a new procedure implemented for the first time in France – it has been possible to carry out this transaction without the unanimous consent of all the parties concerned, further to conciliation procedures having permitted to confirm the support of a vast majority of the creditors and of some of the shareholders. The accelerated safeguard plans of HAMAC and of ACG Holding were approved by the Commercial Court of Nanterre on November 26, 2014; the restructuring is scheduled to occur by mid-December.
In this context, the senior lenders shall take over 80% of Alma Consulting (the remainder being held by the management). Simultaneously, the group’s indebtedness, only comprising senior debt further to the restructuring, has been reduced to a level and conditions deemed to be satisfactory.
Thanks to the agreement which has been reached on the terms of the financial, equity and governance restructuring of the Alma group, the group will be in a position to fully focus on its development plan including, as applicable, in the context of an external growth transaction.