Advising Groupe Pierre & Vacances – Center Parcs on the conclusion of an exclusive negotiation agreement with the Alcentra – Fidera – Atream group of investors
De Pardieu Brocas Maffei has advised Groupe Pierre & Vacances – Center Parcs on the conclusion of an exclusive negotiation agreement with the Alcentra – Fidera – Atream group of investors as part of its equity strengthening process.
This exclusivity agreement follows the receipt of a binding offer by the Investors and with an agreement in principle reached by all the banks and Euro PP creditors of the Company and Ornane holders representing to date approximately 55% of the receivables held by this category of creditors (including claims held by Alcentra and Fidera).
The completion of the Transaction, which is subject to the conclusion of final agreements, would principally allow:
– the injection of €200m of equity,
– the important reduction of the Group’s debt, with the conversioninto equity of more than €551 million of unsecured debt,
– the implementation of a new governance structure,
– the outsourcingof the real estate business.