De Pardieu Brocas Maffei ’s extensive caseload speaks for itself. The firm is managing an impressive amount of new and older ongoing high-profile restructuring and insolvency mandates. The practice stands out for its leading presence as banks and banking pools’ privileged adviser, often in significant mandates such as assisting the lenders with Celio’s €400m debt restructuring. The practice also regularly secures mandates from debtors, for example from Technicolor for its €1.4bn debt restructuring. The team is co-headed by the excellent duo Philippe Dubois and Joanna Gumpelson and also includes Ségolène Coiffet and counsel Simon Le Wita. The practice also regularly draws on the expertise from the corporate and finance departments; corporate partner Patrick Jaïs is a regular contributor for distressed M&A work.

Weil, Gotshal & Manges LLP manages one of the most impressive caseloads in the market. The practice, which can rely on high-level complementary corporate and finance expertise, attracts the largest and most complex insolvency and restructuring mandates, often involving major international components and financial and corporate aspects. It is most often retained by shareholders, mezzanine and subordinated lenders and debtors, including many leading private equity investors. It recently acted in many landmark cases, notably concerning the mass retail, travel, entertainment and industrial manufacturing sectors.  The practice is co-headed by Jean-Dominique Daudier de Cassini, who is regarded as the ‘best among his peers’, and the excellent Anne-Sophie Noury. Corporate partner Yannick Piette also regularly contributes. Eugénie Amri and Laura Bavoux made counsel at the end of 2020.

White & Case LLP manages a prominent caseload composed of a mix of distressed M&A and financings, debt restructuring and insolvency cases, pertaining to both listed and non-listed companies, both in France and cross-border. The practice often assists creditors, such as leading financial institutions and private equity and investment funds. Recently, it has been involved in many of the market’s landmark cases, spanning various sectors such as the retail, hospitality and real estate industries. The team also helped to negotiate several Covid-19 state guaranteed related loans (PGE). Finally, acting alongside colleagues from the firm’s international offices, the Paris team is also able to handle the French aspects of high-profile cross-border cases, notably involving US Chapter 11 proceedings. Practice head  Saam Golshani  and Alexis Hojabr are strongly recommended.

Darrois Villey Maillot Brochier is managing a very strong caseload. The firm is handling new and older ongoing high-profile mandates pertaining to many of the market’s largest restructuring and insolvency cases, spanning both listed and non-listed companies. It advised Rallye and its parents companies on its landmark €3.5bn debt restructuring and has been playing a key part in the Frans Bonhomme and CNIM cases. The core team, which regularly collaborates with M&A, banking and finance and litigation colleagues, often acts for companies and their controlling shareholders and is experienced in cross-border matters. The team is also adept at advising investors on presenting major asset takeover offers and handles related liability. Practice head François Kopf is the key name in the practice which also includes Mathieu Della Vittoria who made partner in 2020.

Hogan Lovells (Paris) LLP’s team offers extensive experience in advising various stakeholders, namely debtors, bondholders, shareholders and banks, on large restructuring and insolvency mandates. Lately, the practice was appointed by the judicial administrators to assist with the financial restructuring of Technicolor. The firm is handling a large volume of work pertaining to LBO companies and many large listed and non-listed corporations. It recently worked on major matters in a number of sectors, including retail and manufacturing. Practice co-heads Philippe Druon and Cécile Dupoux are seasoned experts in the field. Counsel Astrid Zourli is also a key member.

Latham & Watkins made headlines with its hire of leading market figure Alexandra Bigot and her team from Willkie Farr & Gallagher LLP to strengthen its existing restructuring and insolvency practice that previously led solely by Hervé Diogo Amengual. The newly combined team also fully benefits from the Paris office’s thriving high-end financing, high-yield and private equity capabilities, in addition to the firm’s second-to-none US and European office network. The team has a strong track record in advising on the market’s largest debt restructuring matters. It is particularly suited to leading international investment funds as demonstrated by its recent assistance to the main creditors (through the cross-holders coordinating committee) with the restructuring of Europcar. The practice also assists debtors and investors presenting asset takeover offers. Newly promoted 2021’ counsel Thomas Doyen is also recommended.

Archers A.A.R.P.I. regularly advises international and domestic investment funds and debtors. The team combines a good set of expertises; the very experienced Fabrice Patrizio is the key name for insolvency and restructuring cases can rely on Antony Martinez, who deals with procedural and litigation aspects.Real estate finance stars Jean-Maurice Gaillard and Paul-Henri de Cabissole  focus on debt and finance restructuring aspects.  The firm has been particularly busy recently handling several landmark retail and hospitality-related insolvency cases. The practice also advised investors presenting asset takeover offers.

August Debouzy‘s Laurent Cotret is handling a growing prominent caseload, spanning various industries. He is mainly appointed by debtors to handle debt restructuring, insolvency and distressed M&A work. Recently, he has been playing a key role in several headline debt restructuring and safeguard proceedings cases, such as the XL Airways. He also handled a major case in the hospitality sector.

Bird & Bird has a strong involvement alongside banks whom the practice often assists with insolvency and restructuring cases, such as acting for a pool of eight banks on Mecachrome’s debt restructuring. The team also provides regular assistance to major industrial companies, notably in the automotive and aeronautics sectors, when their key suppliers are facing difficulties. Finally, the practice also handles related insolvency proceedings and creditor and shareholder liability disputes. Romain de Ménonville and Nicolas Morelli co-head the practice. Counsel Céline Nézet is a key contributor.

At Goodwin, Céline Domenget-Morin's team has been instructed in a series of new major restructuring mandates since launching the practice in the summer of 2019, notably in relation to the aviation, automobile and retail industries. The practice, which regularly acts alongside the firm’s corporate and funds teams, is able to assist all types of stakeholders: bondholders, shareholders, banks and also debtors. Recently, the team also assisted clients with the negotiation of Covid-19 related state guaranteed loans (PGE).

Restructuring and insolvency boutique Lantourne & Associés has longstanding experience in handling market-leading cases, especially in the retail and leisure sectors, and is often involved in highly challenging and complex financial cases. The firm also has strong litigation expertise. Clients include debtors and investment funds. Maurice Lantourne and Flavie Hannoun co-head the practice.

Headed by Nicolas Partouche, Peltier Juvigny Marpeau & Associés‘ practice is managing an extensive restructuring and insolvency caseload. The core team regularly acts for debtors, mandataires judiciaires and judicial liquidators. It has recently been handling several key mandates involving SMEs and larger companies, mainly active in the retail and hospitality areas and which have been particularly affected by the Covid-19 outbreak. Finally, the team also handles related liability litigation and has been assisting several clients with the negotiations of state guaranteed loans (PGE).

Racine maintained a high level of activity throughout 2020. The team has been dealing with all sizes of restructuring and insolvency files, most often advising debtors. It has handled matters concerning various industry sectors, such as press, retail, food and aviation, and played a pivotal role advising press distributor Pressalis on its high-profile insolvency proceedings. The practice is also managing several related litigation cases. Practice co-heads Antoine Diesbecq, Laurent Jourdan and Emmanuel Laverrière are highly recommended. Also deserving a mention is associate Lisa Ducani.

Willkie Farr & Gallagher LLP ’s practice is now solely headed by Lionel Spizzichino after star partner Alexandra Bigot left in June 2020 for Latham & Watkins. The practice often assists leading investment funds, acting as shareholder or bondholders in debt restructuring proceedings. It has strong ability handling complex matters, often featuring cross-border aspects. For instance, a combined Paris, London, Milan and New York office team advised the CoCom on the debt restructuring of Lecta and its French subsidiary Condat. Special European counsel Audrey Nelson  also contributes.

Altana has a solid and experienced team that is able to deal with all types of matters, including cross-border cases. The firm often acts for shareholders, bondholders, commercial partners and investors, but also occasionally acts for debtors. The firm recently handled a varied caseload, including matters from the manufacturing, press, entertainment and transport industries. The practice also helped several investors presenting asset and company takeover offers, for example when assisting CDQ with the takeover of French press distributor Presstalis, a matter involving the French government. Michel Jockey and Pierre-Gilles Wogue are in charge. Julien Balensi and Mana Rassouli are key contributors.

Brown Rudnick LLP has a versatile practice. The team notably assists companies acting as debtors, shareholders and creditors in French restructuring and insolvency matters. Among its solid caseload, the group's role as adviser to main shareholder Coopérative de Distribution des Magazines on the restructuring of press distributor Presstalis stands out. The practice also regularly handles related litigation and impresses with its strong know-how in matters raising complex financings aspects such as EuroPP, unitranche and high-yield bond issues. Pierre-Alain Bouhenic and David Chijner are seasoned practitioners. Arnaud Moussatof made partner in April 2020. Former practice head Didier Bruère-Dawson left the firm early 2021 to set up Bryan Cave Leighton Paisner LLP's insolvency and restructuring practice.

Clifford Chance’s restructuring or insolvency was entirely renewed in 2020 after Reinhard Dammann and counsel Gilles Podeur joined Dammann Avocat and Alerion respectively, while the highly regarded Delphine Caramalli took the lead of the practice, arriving from France’s now dissolved leading boutique firm Bremond & Associés. She has extensive experience in advising all types of stakeholders on large debt restructuring and insolvency cases.

CMS has a dedicated Paris- and Lyon-based team that assists all types of stakeholders with restructuring and insolvency cases. The firm has been handling a good amount of work latety, notably acting in major cases in the press, automobile, retail and aviation sector. It successfully advised agriculture cooperative Sodiaal with the acquisition of the industrial activities of a milk powder and whey plant owned by Synutra International, a particularly politically sensitive matter. Alexandre Bastos is in charge. Senior associate Guillaume Bouté is a key contributor.

Headed by Audrey Molina, the Dentons team acts for debtors, shareholders, commercial partners and investors. The practice handles both restructuring and insolvency cases and is involved in matters from a wide range of sectors, including retail. It successfully advised Havas Voyages on taking over 149 branches and 348 employees of Thomas Cook France. The practice is also managing several restructuring and insolvency cases on behalf of SMEs facing difficulties. Cross-border matters account for a notable portion of the caseload, especially matters involving US proceedings.

DLA Piper re-launched its practice in September 2019 after hiring Caroline Texier from Gide Loyrette Nouel A.A.R.P.I.. Texier and her team regularly advise debtors, shareholders and key suppliers. The practice also acts for investors presenting asset takeover offers. The team can rely on complementary support from the corporate, finance, real estate and employment departments.

FTPA has an experienced team that handles a solid caseload. The practice regularly acts for debtors, but is also retained by financial institutions and shareholders. With experience in several significant matters as well as in smaller cases and broad sector expertise, including the entertainment, press, tourism and aviation industries, the group is able to take on a wide range of cases. Serge-Antoine Tchekhoff, Bruno Robin, who has rare expertise in acting as trustee (fiduciaire) in insolvency cases, and Edouard Fabre are the key contacts. Counsel Romain Lantourne also deserves a mention.

Gide Loyrette Nouel A.A.R.P.I.’s practice is now mainly led by Jean-Gabriel Flandrois following the departure of Caroline Texier for DLA Piper in 2019. The practice also regularly involves co-head of practice and finance expert Eric Cartier-Millon. The team acts for various stakeholders, including shareholders, funds, debtors, lenders and commercial partners. It was recently involved in several high-profile debt restructuring matters, including assisting lenders or key shareholders in CNIM, Europacorp and Buffalo Grill’s debt restructuring proceedings. The firm has also been retained to advise on the restructuring of one of France's biggest companies.

Jones Day is able to act for debtors, shareholders and lenders, such as bondholders. The practice is handling a strong caseload, including several mandates on high-profile proceedings. It notably assisted Antalis with the sale by Sequana and Bpifrance of their majority stakes in the company to Kokusai Pulp & Paper, but is also experienced in assisting state-owned companies. The core team is led by Fabienne Beuzit and includes counsel Elodie Fabre and associate Rodolphe Carrière. Clients benefit from the practice's ability to draw on the firm’s complementary finance and corporate expertise.

Headed by Timothée Gagnepain, McDermott Will & Emery AARPI‘s practice handles a high volume of cases, often acting for shareholders, but also regularly assisting debtors. Lately, the practice was active for several companies particularly hit by the Covid-19 pandemic, for example from the transport sector. It is advising French State development bank Agence Française de Développement on several significant matters, including the financial restructuring of Air Austral, and assisted several companies with the negotiation of new additional financing. Associates Théophile Jomier  and Lucille Madariaga provide key support.

Norton Rose Fulbright‘s Philippe Hameau is well known in the field and appointed by debtors, lenders and investors. He is regularly involved in high-profile cases, but also acts in small matters. He has recently been involved in several key matters in the retail and oil industries as well as in Aigle Azur's restructuring and subsequent bankruptcy. Associate Guillaume Rudelle is also noted.

UGGC Avocats’ team is often acting for debtors, but is also popular with shareholders and various types of creditors. The practice handles a high volume of restructuring and insolvency work pertaining to various industry sectors, including retail and manufacturing. The team also has strong know-how in representing judicial liquidators initiating liability proceedings before courts. The highly recognised Thierry Montéran and Marine Simonnot, who made partner in 2020, direct the practice.

Vivien & Associés‘ is handling a large restructuring and insolvency caseload, often advising debtors, but also assisting shareholders and creditors. The firm is acting in matters spanning a range of sectors, including the retail and manufacturing sectors, with its work for communication and advertising company BVA, which faced insolvency and litigation proceedings, as a major recent instruction. The practice is also very experienced in distressed M&A work. Laurent Assaya is in charge.