Insolvency in France
De Pardieu Brocas Maffei
De Pardieu Brocas Maffei is regularly called upon to advise on the market’s most high-profile cases, notably those raising highly complex financing and cross-border issues. The eight-lawyer practice, which can also rely on available complementary corporate and finance expertise, is the top choice for banking creditors, while debtors also turn to the team for sensitive cases. The firm was recently involved in a high volume of headline cases, many involving listed companies and major retail groups, often under an LBO scheme. Leading market figures Philippe Dubois and Joanna Gumpelson direct the team. Ségolène Coiffet is also very strong and Paul Talbourdet is involved on the financing aspects. Alexis Rapp, who made counsel in 2019, provides key support. Banking and finance and restructuring counsel Simon Le Wita is also noted.
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Testimonials
‘The firm has exceptional technical and commercial skills. The team is able to remain serene in a very stressful environment and shows a great mastering of matters.’
‘Joanna Gumpelson has excellent technical knowledge and is able to explain French procedures in a way that make them easy for foreign lawyers and their clients to understand.’
‘Counsel Simon Le Wita has good technical knowledge of French procedures and is willing to fight tenaciously to defend his clients’ positions. He also has a strong appreciation of the wider legal and cultural background in which foreign lawyers and their clients operate. He is also a genuine pleasure to work with.’
Key clients
THE ORCHARD
TOYS “R” Us
MARIE BRIZARD WINE & SPIRITS
GROUPE BATA
RENAULT
GROUPE SEA INVEST
OAKTREE
ALCHEMY PARTNERS
FARALLON
KARTESIA
MAKURIA
TIKEHAU
ROUNDSHIELD PARTNERS
EQT
GROUPE CREDIT AGRICOLE (CA CIB, LCL, Caisses Régionales)
BNP PARIBAS
GROUPE BPCE (NATIXIS, BRED, PALATINE, CAISSES d’EPARGNE et BANQUE POPULAIRE)
BANK OF IRELAND
GOLDMAN SACHS
SOCIETE GENERALE
Work highlights
- Assisted CACIB with Rallye-Casino’s safeguard proceedings.
- Advised Tikehau IM on Conforama’s debt restructuring.
- Advising Marie Brizard Wine & Spirits on its debt restructuring.
Gibson Dunn
Gibson Dunn is involved in most of the market’s landmark insolvency and restructuring cases in relation to listed and LBO companies. The firm is often entrusted to deal with highly challenging and sensitive matters on behalf of debtors, investors and banks. High-stake litigation and debt restructuring issues are other areas of strength. Practice head Jean-Pierre Farges is the main practitioner. Other key contacts include Pierre-Emmanuel Fender, finance partner Amanda Bevan-de Bernède and corporate partner Bertrand Delaunay.
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Key clients
Europa Corp.
CVC, Farallon, Ochziff, Goldentree, HIG Capital, Bayside and Carval
Arc Holdings
Orchestra
Yeled
Pierre Mestre
Vivarte
CGG
Doux
Siemens
Work highlights
- Advised Rallye and its subsidiaries Casino and Go Sport on their debt restructuring.
- Assisted Europa Corp with its financial restructuring in France and in the US.
- Advised a large pool of senior lenders led by CVC, Farallon, Ochziff, Goldentree, HIG Capital/Bayside and Carval on Camaïeu’s second restructuring.
Hogan Lovells (Paris) LLP
Hogan Lovells (Paris) LLP significantly strengthened its practice with the 2019 arrival of star partner Philippe Druon and counsels Astrid Zourli and Cristina Marin, a financing specialist, all from Weil, Gotshal & Manges LLP. The strategic move has resulted in shifting the caseload from a heavy bank-side focus to more of a debtor and shareholder-oriented practice. The new team enjoys sustained activity and is involved in a long list of outstanding matters, spanning restructuring, insolvency and cross-border cases, involving LBO, listed and property companies. The group assisted one of France’s most iconic companies with its restructuring proceedings. Other highlights include assisting the Bank of New York Mellon with CGG’s landmark safeguard proceedings in France and the company's Chapter 11 in the US, and advising on matters in the automotive sector. Cécile Dupoux and Druon are the heads of the practice. Former counsel Romain de Ménonville joined Bird & Bird in 2019.
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Work highlights
- Assisted Bank of New York Mellon with CGG’s safeguard proceedings in France and the company’s Chapter 11 in the US.
Weil, Gotshal & Manges LLP
Weil, Gotshal & Manges LLP's well-established practice, which had remained very stable for a long period of time, went through a major reshuffle in 2019. Star partner Philippe Druon joined Hogan Lovells (Paris) LLP after Fabienne Beuzit had left for Jones Day. In response, Anne-Sophie Noury, who had set up BDGS Associés's practice in 2016, returned to her former firm in spring 2019 to support the market's godfather figure Jean-Dominique Daudier de Cassini. The duo now leads an eight-lawyer team that is likely to grow further in 2020. The practice, which also regularly draws on the firm's M&A and financing expertise, advises debtors and leading investment funds, but also occasionally takes on instructions on the creditor-side. Regularly involved in landmark cases, the group recently advised Rallye and its subsidiaries on their safeguard and multi-billion euros debt restructuring proceedings, and acted on several cases in the retail sector.
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Work highlights
- Represented Rallye and its subsidiaries in their safeguard and multi-billion euros debt restructuring proceedings.
White & Case LLP
In a short period of time, practice head Saam Golshani and Alexis Hojabr have since their arrival in late 2018 succeeded in establishing White & Case LLP's practice among the elite. Drawing on the firm's leading complementary finance and capital markets expertise, the 12-lawyer restructuring and insolvency team attracts many of the market's largest instructions. The practice is retained by banks and investment funds alike to deal with complex and sophisticated matters often raising major international issues. Recent work includes restructuring and insolvency matters pertaining to listed companies, major privately-owned companies as well unitranche and LBO groups. Céline Domenget-Morin joined Goodwin in 2019.
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Testimonials
‘The team knows how to get a deal done and has intimate knowledge of various jurisdictions. It is able to have a global understanding of a situation that goes beyond mere restructuring aspects. It is also knowledgeable in capital markets.’
‘Saam Golshani and Alexis Hojabr are among the best professionals for restructuring and M&A deals. They are deal-driven and very creative.’
Key clients
KKR
Davidson Kempner
Centerbridge
Varde
BPI
Oaktree
Silver Point
Baupost
Monarch
Farallon
Work highlights
- Advised Steinhoff’s main creditors on the financial restructuring of its subsidiary Conforama through a €316m two-tranche bond issuance.
- Advised a consortium of French and international sovereign funds on a new €120m investment plan to the benefit of Arc Holdings.
- Advised the lenders on the insolvency of Antalis’ main shareholder Sequana.
Willkie Farr & Gallagher LLP
Willkie Farr & Gallagher LLP was recently in very high demand for assistance with high-profile safeguard and insolvency cases. The group notably handled key matters in the retail and industrial sectors and acted for bondholders and investment funds on several landmark cases relating to listed companies and involving large debts. Key restructuring debt matters involving LBO and listed companies and EuroPP investments account for another significant portion of the caseload. Additionally, the practice is able to handle cross-border cases and is experienced in advising investors on major asset take-over offers. A recent highlight matter was advising a company on a third restructuring plan. Lionel Spizzichino is the head the practice. Since publication, Alexandra Bigot joined Latham & Watkins.
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Key clients
Anchorage Capital and Hayfin Advisors
Schmolz + Bickenbach
OpenGate Capital
Third Point
Attestor Capital
Bpifrance
JP Morgan Asset Management
Wendel and Cromology
Apollo Capital and Monarch Alternative Capital
Hachette Livre
Alès Groupe
Work highlights
- Advised Cromology and its sponsor Wendel on Cromology’s financial restructuring, including Wendel’s €125m reinvestment in the company.
- Advised bondholders (BNP Paribas, Natixis, Société Générale, Caisse d’Epargne, BRED and Standard Chartered) on the financial restructuring of JACCAR, the parent company of Bourbon.
- Advising Anchorage, Hayfin and an ad hoc group of bondholders on the third financial restructuring of Vivarte.
Bird & Bird
Bird & Bird strengthened its practice through hiring Romain de Ménonville as partner in 2019, who was previously counsel at Hogan Lovells (Paris) LLP and whose expertise in assisting banks is highly valued. With the joined forces of de Ménonville and Nicolas Morelli as co-heads of the practice and the key support from counsel Céline Nézet, the firm now offers a strong bench that focuses on advising banks, debt funds and other creditors. The group also assists companies whose key suppliers are facing difficulties and insolvency procedures, notably in the automotive sector. A clear stand-out feature is the team's rare expertise in advising trustees (fiduciaires) and liability and other related litigation. The practice acts on several landmark debt restructuring and insolvency cases, notably pertaining to several listed companies, on behalf of banks or bondholders.
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Testimonials
‘A dynamic and responsive team showing high professionalism and which greatly cares for its clients’ interests. The team understands banks’ expectations well.’
‘The team understands practical aspects. It is highly responsive and shows great listening skills.’
‘Romain de Ménonville understands legal and financial matters at stake very well thanks to his deep knowledge of the banking sector. He has great technique and shows all-time dedication. He anticipates future problems and guides clients with high efficiency.’
‘Nicolas Morelli has great expertise and demonstrates great availability.’
Key clients
UPS France
SCI Les Salins
RIVE DEFENSE
Work highlights
- Advised Rive Défense in the context of the termination of a corporate trust and on the sale of the underlying office building of the company Rive Défense SAS in safeguard proceedings.
- Advised a pool of 12 banks in the context of Ludendo’s insolvency proceedings.
- Acted as co-adviser to the lenders in relation to the safeguard proceedings of Rallye.
Bredin Prat
Bredin Prat's seven-lawyer team is very experienced in advising on debt restructuring, insolvency and distressed M&A matters. The firm has strong ability to handle matters pertaining to listed companies. It is managing a good volume of restructuring and insolvency matters from a variety of sectors, but with a particular focus on the retail sector, often acting on behalf of shareholders and debtors. The firm is involved in several landmark cases, including Camaïeu's safeguard proceedings. Nicolas Laurent and Olivier Puech co-head the practice.
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Testimonials
‘The team provides a high level of services and has deep knowledge of the various players involved. Team members are dealmakers who remain very strong under pressure.’
‘Olivier Puech is very experienced, very strong under pressure and a tough negotiator. He is the right lawyer to have on your side for a fight.’
‘Nicolas Laurent is a superb lawyer with high-level technical skills. He is creative and a leader around the negotiating table. He makes complex areas of law easy to understand.’
Key clients
Amer Sports Corporation
Aviva
Delsey
DHL
Fradim
Jaccar Holding
Jennyfer
Keolis
Liberty Steel
Senior creditors of Fraikin
St Mamet
TDF
Work highlights
- Advised Aviva as Euro PP bondholder on the rescheduling of Alès Groupe’s debt and the acquisition of a minority stake in the company by Co-Capital.
- Advised Cinve as shareholder on Camaïeu’s safeguard proceedings.
- Assisted investment fund L-Gam as main shareholder with AltéAd’s restructuring and insolvency proceedings.
Bremond & Associés
Restructuring and insolvency boutique Bremond & Associés has strong experience handling leading market insolvency and restructuring cases. Practice head Guilhem Bremond is highly regarded. Virginie Verfaillie is also recommended. Delphine Caramalli joined Clifford Chance in 2019.
Practice head(s):
Darrois Villey Maillot Brochier
Darrois Villey Maillot Brochier is retained by debtors and investors to handle highlight cases. The firm offers strong expertise in managing matters involving listed companies and notably assisted Rallye and its parent companies with their safeguard proceedings. The practice plays a major part in several of the market's landmark restructuring and insolvency cases, especially in the retail sector. Litigation is also dealt with. François Kopf is in charge. Also involved are Emmanuel Brochier and associate Mathieu Della Vittoria.
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Testimonials
‘The firm provides exceptional services in terms of availability, technical expertise and team spirit.’
Key clients
Rallye SA
Modacin France SAS
COFEPP
Liquidators of Sequana group and Arjowiggins Group
Liquidators of Toys”R”Us
British Steel /Greybull Capital
Canadian GeneralTower
Bondholders of Ludendo
Pathé group
Alquenry group
Groupe Bernard Tapie
XPO Sarenza
Work highlights
- Represented Rallye and its parent companies in their safeguard proceedings.
- Represented Modacin, the parent company of Camaïeu, in connection with the €400m debt restructuring of the company .
- Represented COFEPP as main shareholder in Marie Brizard’s financial restructuring.
Lantourne & Associés
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 raising new legal issues, thereby contributing to shaping the market. The firm also houses complementary state-of-the-art litigation expertise. Clients include debtors and investment funds. Maurice Lantourne and Flavie Hannoun co-head the practice. Kristell Cattani left the firm to start her own practice in January 2020.
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Testimonials
‘They are very attentive and listen to their clients on how they feel. They are very caring and understanding.’
‘The firm is highly responsive and able to quickly delve into impromptu situations.’
‘Team members easily integrate within companies’ staff members to best understand issues and provide the best options in short time frames.’
Racine
Racine represents creditors and debtors in restructuring and insolvency proceedings. The firm handles a high volume of cases, including several significant market matters, and fields a varied caseload involving LBO, listed companies, agri-business companies, major industrial groups and small and medium-sized enterprises. Antoine Diesbecq and Laurent Jourdan co-chair the practice which includes Emmanuel Laverrière as another key member.
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Key clients
PRESSTALIS
AUREA
CAISSE DES DEPOTS ET CONSIGNATIONS
LBO FRANCE
ORCHESTRA PREMAMAN
EDENRED
DEFI
CALLIDOUE INVEST
APAVOU
Santoni & Associés
Insolvency and restructuring boutique Santoni & Associés enjoys a long-established reputation in the market. The boutique is regularly entrusted to work on landmark matters, representing investors, creditors and debtors. Marc Santoni, Bérangère Rivals and Lionel Lamoure make up a strong team. The practice has signed a partnership with Allen & Overy LLP and handles a number of matters in collaboration with the leading UK firm.
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Work highlights
- Advised the lenders on the insolvency of Antalis’ main shareholder Sequana.
Altana
Altana regularly advises debtors, but also acts for creditors such as bondholders and commercial partners. The practice was recently involved in several notable restructuring and insolvency cases and advised on a major asset take-over transaction in the food sector. Litigation is also dealt with. Michel Jockey and Pierre-Gilles Wogue both have extensive experience. Also involved are Julien Balensi and Mana Rassouli, who made partner in 2019.
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Testimonials
‘The team has in-depth knowledge of restructuring and insolvency law issues and has remarkable court experience.’
‘Pierre-Gilles Wogue stands out for his strong personal and communication skills and his hands-on approach on every file.’
Key clients
D’AUCY Group
Orchestra-Prémaman
Concentus (PartGroup)
Altarea COGEDIM
Sonia Rykiel
CPI
Le Figaro/Dassault Group
Group BCR
Work highlights
- Advised D’Aucy Group on the acquisition of the main assets of La Fraicherie; the takeover process of the ready-made meal division of William Saurin group; and on the conclusion of a partnership with Hivest Capital regarding Hivest’s takeover of Saint Mamet group.
- Advised two securitization funds on the restructuring of Luxembourg parent company Yeled and its listed subsidiary Orchestra-Prémaman.
- Advised Swedish manufacturer PartGroup and its parent company Concentus on the acquisition of a majority stake in Altor Industrie.
Archers A.A.R.P.I.
Archers A.A.R.P.I. has a very strong practice able to advise debtors and shareholders on major debt restructuring and insolvency proceedings. The firm was recently involved in several stand-out cases, notably in the hotel and retail sectors. Practice head Fabrice Patrizio is highly recommended. Finance partner Jean-Maurice Gaillard also contributes.
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Testimonials
‘The firm has a good reputation and know-how.’
‘The firm is very professional and easy to work with, even for non-French clients to advise on cross-border matters. It combines the benefits of a smaller specialised boutique law firm with the experience and attitude of partners who have a large law firm background.’
Key clients
COLONY CAPITAL
LUDENDO (Grande Récré)
SOITEC
BINDEWALD und GUTTING VERWALTUNGS GmbH
Work highlights
- Successfully advised Colony Capital on its judicial purchase of Maranatha’s €475m portfolio of 62 hotel assets.
- Assisted toy retailer Ludendo (Grande Récré) with its insolvency proceedings.
Ashurst LLP
Ashurst LLP ’s Noam Ankri is the Paris-based trusted adviser to many leading London-based investment funds. Ankri assists them in their capacity as shareholders or potential investors in dealing with leading debt restructuring and insolvency cases, as well as with distressed M&A transactions. Banks also turn to the firm for guidance on significant matters. The team was recently involved in several key matters pertaining to LBO and listed companies. Counsel Cyrine Abdelmoula and finance partner Pierre Roux are also noted.
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Key clients
Bagatelle Group. Inc.
Dyal Capital Partners
Endless LLP
Ford Models Paris
European Investment Bank
Sun Capital Partners
SNCF Mobilités
Blackrock Credit
Work highlights
- Assisted Bagatelle Group with its reorganisation.
- Assisted Ford Models Paris and its US-based shareholder in dealing with the company’s difficulties.
- Assisted the European Investment Bank as creditor of insolvent company Sunpartner Technologies.
August Debouzy
August Debouzy's Laurent Cotret advises debtors on several major restructuring and insolvency cases. The practice also acts on a good volume of smaller insolvency matters and takes on work for shareholders, commercial partners and investors. Finally, the practice assists with asset take-over bidding on distressed companies.
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Key clients
Desautel
VGRF
SKTB ALUMINIUM
Chambre de Commerce et d’Industrie de Métropolitaine de Brest Ouest
ARISTOPHIL
LABORATOIRES PROTEC
THALES SIX GTS France
SVOMENGO
SOCIETE ARDENNAISE DE MENUISERIE, BOIS ET PLASTIQUE
Groupe NOX
PRIVINVEST
LOSC (Lille Olympique Sporting Club)
ISTC CARDIOLOGY
QUANTUM –ADUX
Work highlights
- Advised Desautel on the takeover of the assets of Gimaex group before the Bobigny Commercial Court.
- Assisted SKTB Aluminium with its insolvency proceedings.
Brown Rudnick LLP
Brown Rudnick LLP is has a strong focus on advising hedge funds, other high-yield investors, and fund managers on restructuring, insolvency and asset takeover matters. The team also fields a busy caseload for debtors and regularly handles related litigation matters. A stand-out feature is the practice's rare international activity consisting in advising investment funds and international development agencies on investments made in emerging markets in Africa. The Paris- and London-based Didier Bruère-Dawson heads the practice. Pierre-Alain Bouhenic and David Chijner are two other key members. Arnaud Moussatof is also recommended.
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Testimonials
‘The team can handle complex matters and is able to advise on all aspects of a restructuring case. Team members are experienced and very good negotiators. They are very dedicated to their clients.’
‘Pierre-Alain Bouhenic is very good at advising investment funds and debtors. He has high-level technique and is an excellent negotiator who prepares all aspects of a negotiation very well.’
Key clients
Banor Capital
Hivest Capital Partners
Hermitage
Maranatha
Oteis
The Gexpertise Group
Éclair cinema
Agence Française de Développement (AFD)
Proparco
Proparco FMO
European Investment Bank
Proparco Mumias
S.C. Pharmatop
S.C. Newpharm
Work highlights
- Assisted Hivest Capital Partners with the acquisition of Saint Mamet Group.
- Advised Paris Inn Group on the acquisition of securities and assets of Maranatha Group.
- Assisted Gexpertise with its insolvency proceedings and with initiating litigation with its main contractors Bouygues, Eiffage and Razel Bec.
Dentons
Dentons advises debtors and creditors. Headed by Audrey Molina, the practice recently handled several restructuring and insolvency cases in the retail and distribution sector. The team also assisted Havas Voyages with its takeover of Thomas Cook France. Finally, the practice acts on several US-French and cross-border European matters.
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Testimonials
‘The firm shows great attention to detail and provides practical and easy to understand advice in a challenging environment.’
Key clients
Brand & Consumer Technologies
ELROND NPL 2017, SRL
GIBSON
SINEQUANONE
Wilmington Savings Fund Society
Work highlights
- Represented Wilmington Savings Fund Society, FSB and Wilmington Trust, NA as trustees of the main creditors during the pre-insolvency and insolvency proceedings of Toys R US’ French companies, and negotiations with the purchasers of its assets.
- Assisted Sinequanone with pre-insolvency proceedings and court-ordered reorganization proceedings.
- Advised Italian bank Credito Valtelinese as the main creditor of View Star Roquebrune on the recovery of its debt of more than €28m.
FTPA
FTPA has a solid team of six lawyers who are involved in several landmark cases. The practice acts for debtors, judicial liquidators and creditors. It is involved in a major cross-border case and also acts on key matters from the press, retail, real estate and transport sectors. Litigation is also dealt with. The practice is co-headed by Serge-Antoine Tchekhoff, Bruno Robin, who has rare expertise in acting as trustee (fiduciaire) in insolvency cases, and Edouard Fabre.
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Key clients
NORTEL NETWORKS SA
MARANATHA
BRITISH AMERICAN TOBACCO
GROUPE MONPLAISIR
SARIA INDUSTRIES
SEGULA TECHNOLOGIES
TEMSA
VSD
CITYA IMMOBILIER
EULER HERMES
Work highlights
- Represented Nortel Networks SA in its French liquidation proceedings.
- Represented Maranatha group in its recovery plan of around 112 hotels across the world.
- Represented British American Tobacco in the insolvency proceedings of its debtor Sequana.
Linklaters
Linklaters regularly acts for creditors and shareholders, while also handling work for debtors. The practice is often involved in high-profile and cross-border restructuring and insolvency cases. Practice head Aymar de Mauléon de Bruyères has considerable experience in high-profile cases. Counsel Carole Nerguararian is also noted.
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McDermott Will & Emery AARPI
McDermott Will & Emery AARPI's Timothée Gagnepain assists debtors, buyers, creditors and shareholders. Gagnepain acts in French restructuring and insolvency proceedings and regularly advises on cross-border cases. He also assists private equity funds and industrial companies with the takeover of distressed companies and handles related litigation. He was recently involved in several landmark cases.
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Key clients
Oscaro
Groupe Rougier
Groupe Grégoire
Bpifrance Financement
Groupe Almage
Ballouhey SAS
Bpifrance Investissement
Prudentia Capital
Amundi Private Equity Funds
Luxin-Rio
Compagnie Marco Polo
Weber Automotive
Soleytanche Freyssinet
Comité National Olympique et Sportif Français
Work highlights
- Advised Oscaro on its sale to Autodis.
- Advised Groupe Rougier on its French insolvency proceedings and its rehabilitation proceedings for Rougier Afrique International.
- Advised Groupe Grégoire on its debt restructuring process.
Norton Rose Fulbright
Norton Rose Fulbright 's Philippe Hameau has extensive experience in restructuring and insolvency cases. He acts for debtors and French and international banks and investors, with recent work including a headline matter in the aviation sector and a string of significant cases in which Hameau advised the creditors. Cross-border cases involving African states is another area of expertise.
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Key clients
Carlsberg UK Limited
Econocom France
MS Mode France
Mycronic AB
Sumitomo Mitsui Banking
Westbrook
Work highlights
- Advised MS Mode on its insolvency proceedings and the sale of more than 50 shops in France.
Peltier Juvigny Marpeau & Associés
Peltier Juvigny Marpeau & Associés' Nicolas Partouche regularly assists judicial liquidators, but also advises investors, banks and debtors. He is involved in several highlight insolvency and restructuring matters and handles a good volume of smaller cases. Clients also increasingly turn to him for high-stake related strategic litigation.
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Testimonials
‘A very well-organised and efficient team which provides key support in dealing with emergencies and complex situations.’
‘Nicolas Partouche is extremely close to his clients and cares about providing the best solutions possible to best suit his clients’ needs. He shows great pedagogical skills and keeps his clients well informed. He is rigorous, resilient, astute and creative and thrives to obtain the best results for his clients.’
Key clients
SELAFA M.J.A.
SELARL FIDES
SELAS MJS Partners
SCP BTSG²
Mr. Bernard Gnecchi
Mr. Edouard Hubsch and related entities (MFG, LOLA CREATION …)
Polycor Inc.
ToysRus
Beate Uhse Group
Stanbridge
CRÉDIT AGRICOLE MUTUEL CHARENTE MARITIME DEUX SÈVRES
Work highlights
- Advised the judicial liquidators in the context of the insolvency proceedings of Aristophil.
- Advised Polycor on the takeover of certain assets and activities of Rocamat S.A. and Rocamat Pierre Naturelle in the context of their recovery proceedings.
- Advised ToysRus on its recovery proceedings.
PLM Avocats
Boutique firm PLM Avocats has a great reputation. The seven-lawyer team regularly acts for debtors while also handling matters for bondholder and creditors. The practice fields a particularly busy caseload in relation to small and medium-sized entreprises, but also regularly earns larger instructions. The highly regarded Patricia Le Marchand co-heads the practice with Fabienne Goubault.
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Testimonials
‘The firm has excellent knowledge of the French restructuring market and follows a very consensual approach.’
‘The team shows great responsiveness and pugnacity, and great follow-ups.’
Key clients
Cofigeo
Mbo Partenaires
Arcole Industries
Caisse d’Epargne
Cyrillus-Vertbaudet
Groupe Pierre Henry
Work highlights
- Represented minority creditors (bonds and Neu CP’s holders) in the negotiations of Rallye’s safeguard proceedings.
- Assisted APV as former shareholder and main creditor with Ipsa Holding’s safeguard proceedings.
Poulain & Associés
Boutique firm Poulain & Associés, formerly named Poulain Cren, totals six lawyers who are able to cover the full spectrum of insolvency and restructuring situations. The practice assists debtors and handles a good volume of cases involving small and medium-sized entreprises. Through Jean-Paul Poulain, who ranks among the most experienced advisers in France, the boutique is retained to manage high-profile cases. The team was involved in several top matters in the retail sector and in a key case in La Réunion. Amandine Rominskyj, who made partner in 2019, and Antoine Poulain are the two other key members. Olivier Cren left the firm.
Key clients
Majencia
Groupe Apavou
Simon Associés
Simon Associés acts for debtors, often SME companies, facing restructuring and insolvency proceedings. The practice also assists investors during asset takeover offers. Jean-Charles Simon is well regarded. Although the firm lost Stéphane Cavet to Chammas & Marcheteau in April 2020, the hiring of the experienced Emmanuel Drai consecutively - who joined from his own firm - should further enhance a practice that is already well established.
Practice head(s):
Jean-Charles Simon; Emmanuel Drai
De Gaulle Fleurance & Associés' practice covered debt restructuring work, often acting for banks, as well as distressed M&A and related litigation. The firm is involved in a major case involving a major entertainment company; an industry area where the practice has strong expertise. It is also dealing with a key matter pertaining to the press industry. Finally, the practice is also currently advising debt funds in relation to significant work matters, while also acting for investors and commercial partners. Matthieu Barthélemy, Anker Sorensen and Julien de Michele co-head the practice.
Practice head(s):
Testimonials
‘The team is responsive, close to clients, practical and solution-oriented.’
Key clients
Caisse d’Epargne Loire Centre
Caisse d’Epargne Provence Alpes Corse
Danske Bank
J.P. Morgan Chase
Caisse de Crédit Agricole de Paris Ile-de-France
Bustes et Mannequins de France
Work highlights
- Successfully applied for the opening of safeguard proceedings on behalf of dummies manufacturer COFRAD.
- Assisted the operating entity of Hôtel l’Ermitage with the sale of the legendary hotel located in Saint-Tropez in the context of insolvency proceedings.
- Represented Caisse de Crédit Agricole de Paris Ile-de-France as creditor before French courts in the context of the insolvency proceedings of Bateg’s Italian subcontractor Omba.
Barbier Legal
Insolvency boutique firm Barbier Legal mainly assists SMEs facing difficulties, at various stages. Founding partner Jérôme Barbier and his associate Diane Beaupuy also sometimes act for creditors and shareholders, and advise investors on possible asset takeover transactions.
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Testimonials
‘The team shows strong analysis capabilities and provides adapted solutions which solve the issues at stake.’
‘The firm has excellent proficiency, is very transparent and communicates well with clients.’
‘Jérôme Barbier has strong experience and human skills which are instrumental to help dealing with difficult matters.’
Work highlights
- Advised Veliena on its debt restructuring proceedings.
Bersay
Bersay' Dimitri-André Sonier mainly assists insolvent companies, and also advises investors during asset takeover transactions.
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Key clients
Adveo France
Europlasma SA
Little extra
Vigilia Sécurité Privée
Work highlights
- Represented the shareholders in the cross-border insolvency of Adveo International group.
- Advised several investors on Europlasma’s asset takeover transaction.
Boché Dobelle
Insolvency boutique Boché Dobelle regularly represents debtors in complex matters, but also assists family and other controlling shareholders, and some banks and investors. Litigation is also dealt with. Mylène Boché-Robinet and Véronique Dobelle are highly recommended. Former key member and one of the firm's original founders Emmanuel Drai left the boutique in April 2020 to join Simon Associés.
Practice head(s):
Key clients
Sealynx
Cahn Wilson
Boutique firm Cahn Wilson is instructed by SMEs facing difficulties. The firm was recently involved in several matters pertaining to the restaurant sector and also dealt with work in the movie industry field. Related litigation is also dealt with. Michael Cahn is in charge.
Practice head(s):
Key clients
BOSAL France
QUAT’SOUS FILMS
AJA
JAPES
WIAM
CHEMICAL FARMA
RLT
GROUP
TAPISSIER SEIGNEUR
ARTIMIA
V-MOTECH
SCS GROUP
Work highlights
- Assisted Quat’Sous Films (Abdellatif Kechiche) with judicial recovery proceedings.
- Represented Chemical Farma in its insolvency proceedings.
CBR & Associés
CBR & Associés' Olivier Debeine often advises debtors, commercial partners and judicial administrators. He acts in restructuring and insolvency proceedings and also handles related litigation.
Practice head(s):
Testimonials
‘The team is made up of all excellent professionals, solidly trained and always available. Team members always listen to their clients’ requirements and always find a solution in a very short time.’
‘The team shows good judgement on decisions to be made which minimizes potential risks.’
‘Olivier Debeine demonstrates rigour and know-how in his analysis, and provides accurate recommendations. He has perfect knowledge of his field and mastering of procedures.’
Key clients
MSC CRUISES
GRUPPO CIMBALI
CLINIQUE SAINT JEAN L’ERMITAGE
SELAFA MJA represented by F. Lévy
SELAFA MJA represented by V. Leloup-Thomas
L’AMY SA
Suntec Industries France
Société Civile des Personnels des Publications de la Vie Catholique
Work highlights
- Represented Clinique Saint-Jean l’Ermitage in its negotiations with a pool of banks led by BPI FRANCE to restructure a €59m lease for its new premises.
- Advised L’AMY SA on the financial distress situation faced by its strategic licensor Sonia Rykiel.
Clifford Chance
Clifford Chance recently strengthened its practice through the hiring of the well-regarded Delphine Caramalli who arrived from insolvency boutique Bremond & Associés. She joins forces with Reinhard Dammann and counsel Gilles Podeur who regularly advise banks and judicial liquidators. The firm has notable expertise handling cross-border restructuring work or involving trustees and security-law issues. is another
Practice head(s):
DS Avocats
DS Avocats eight-lawyer team advises debtors and investors, including Asian investors, in dealing with restructuring and insolvency proceedings. The firm also has a strong practice consisting in assisting investors putting forward asset take-over offers. The team is chaired by the greatly experienced Martine Zervudacki-Farnier has long-standing experience. Also involved are Jean-Charles Gancia, Christian Pascoët, Thomas Objatek and of counsel Jean-Yves Marquet.
Practice head(s):
Other key lawyers:
Jean-Charles Gancia; Christian Pascoët; Thomas Obajtek ; Jean-Yves Marquet
Testimonials
‘The team is made up of real professionals who have perfect knowledge of the various stakeholders and are well aware of the latest legal and judicial practice developments.’
‘The team is responsive and available, provides tailor-made advice.’
‘Christian Pascoët provides fine and clear analysis.’
Key clients
PANZANI
CIMC TIANDA
PARIS CITY VISION
FOGALE NANOTECH
LDC
ZETRA INTERNATIONAL
KTK SEATS FRANCE
OXALA CONSULTING
SPICESOFT
H2B / ARCOLE INDUSTRIE
H2B SERVICES
EIFFAGE ENERGIES SYSTEMES
FINANCIERE LSL
EUROPLASMA
CGMP
EDILIZIACCROBATICA
REMATE GROUP
MONDIAL PROTECTION
LINGUAPHONE
MY DESSEILLE
THE WATCH CONNECTION
TRANSPERFECT
YUTONG BUS
SCI CHRIPIMARC
Work highlights
- Advised Panzani on the acquisition of a subsidiary of William Saurin.
- Advised Chinese group CIMC TIANDA on the takeover of GIMAEX Fire Trucks.
FIDAL
FIDAL is able to provide local expertise in many parts of the country including in its Paris, Bordeaux, Lille, Rennes and Marseille offices. It regularly assists SMEs facing pre-insolvency and insolvency proceedings. The firm also advises other stakeholders including creditors, commercial partners and investors. It recently worked on an important file in the press distribution sector. Paris-based Bertrand Biette and Bordeaux-based Patrick Espaignet co-head the practice. Other key names in the practice include Antoine Bisdorff and Laïd Estelle Laurent is also noted.
Practice head(s):
Other key lawyers:
Key clients
GROUPE STG (Société des Transports GAUTIER)
LESSEBO FINANCE AB (deal ARJOWIGGINS : Greenfield Papiers Coupés, Le Bourray)
CAISSE D’EPARGNE DE BOURGOGNE FRANCHE-COMTE – CHOCOLATERIE DE BOURGOGNE (Brand Chocolats Lanvin)
BFG Group: BFG INTERNATIONAL W.L.L (deal name ATMC SAS)
GROUPE VERGERS DU SUD
CORETEC
MLP SAS and Coopérative Messageries Lyonnaises de Presse
EVODIAL /CONDOR
ENTREPRISE BAGOT
Groupe MDF
Work highlights
- Assisted Société desTransports Gautier with its pre-insolvency procedure before the Commercial Court of Rennes.
- Assisted Lessebo Finance AB with its takeover bidding offer for three mills belonging to Arjowiggins before the Commercial Court of Nanterre.
- Advised BFG GROUP as shareholder on ATMC INDUSTRIE’s judicial reorganization proceedings.
Fieldfisher
Fieldfisher’s highly experienced Bruno Paccioni regularly advises shareholders and investors involved in restructuring, insolvency and asset take-over cases, while also representing some debtors. Recently, he has been involved in several cross-border cases including an important French-African case.
Practice head(s):
Key clients
Adveo
Kwanko
Autodistribution
Natuzzi SpA
Armand Thierry
T Group
Casino
Leader Price
Aeroprince
Les Influenceurs (Groupe Repeat)
Kwik
Groupe Repeat
Work highlights
- Advised Spanish company Adveo on cross-border insolvency proceedings in Spain and France.
Goodwin
Goodwin started its practice in 2019 after hiring a four-lawyer team led by the well-regarded Céline Domenget-Morin, formerly of White & Case LLP. The practice advises debtors and creditors. It also deals with related litigation.
Practice head(s):
Testimonials
‘The team is dedicated and provides strategic advice.’
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP restarted its practice in 2019 after hiring Pauline Bournoville as its new practice head who was previously counsel at De Pardieu Brocas Maffei and associate Henri Cazala who joined from Weil, Gotshal & Manges LLP. The three-lawyer team, which is part of the banking and finance department, mainly focuses on advising banks, while also handling instructions from other stakeholders. The team is managing several files in the retail sector.
Practice head(s):
Key clients
BPCE/Natixis Group
Eiffage Group
Joint Administrators of Nortel EMEA entities
Polygon
Société Générale Group
Spie batignolles Group
Stagecoach
Groupe Louis Pasteur
Groupe Crédit Agricole
BNP Paribas Group
Work highlights
- Assisted BNP Paribas as creditor with the debt restructuring of Avila and SEWAN as purchaser of assets of International Telecommunication Network France.
Jones Day
Jones Day hires a three-lawyer team from market's leading player Weil, Gotshal & Manges LLP to launch its practice in the course of 2019. The team, made up of Fabienne Beuzit, counsel Elodie Fabre and associate Rodolphe Carrière, advises all types of stakeholders including debtors, shareholders and banks. It is involved in several landmark cases, and also assists venture and startup companies facing difficulties.
Practice head(s):
Testimonials
‘The team has all the necessary skills to advise both debtors and creditors on complex restructuring situations.’
‘Fabienne Beuzit is a formidable negotiator much appreciated by her clients and her peers.’
Key clients
Arjowiggins
Artmadis
Cellnovo
Grands Moulins de Strasbourg
Sequana
Natixis
Work highlights
- Advised Artmadis SAS and its subsidiary Cogemag SAS on the scope of their respective insolvency proceedings.
- Advised Natixis on the safeguard proceedings opened by the Paris commercial court in favour of Euris, Finatis, Foncière Euris and Rallye.
Kramer Levin Naftalis & Frankel LLP
Kramer Levin Naftalis & Frankel LLP regularly acts for French banks involved in restructuring and insolvency proceedings, often concerning SMEs. The practice is also acting in several high-profile cases. Marie-Christine Fournier-Gille and Dominique Penin co-head the practice. .
Practice head(s):
Key clients
BNP PARIBAS
CIC Lyonnaise de Banque
Caisse Régionale de Crédit Agricole Mutuel de Paris
Fonds Commun de Titrisation Hugo Créances II (MCS)
LCL
Fonds Avenir PME Obligation
CRCAM Nord Est
Crédit du Nord
Caisse d’Epargne Ile de France
Nabarro & Hinge
Nabarro & Hinge‘s Pierre Chatelain advises mezzanine and private-debt funds as well as debtors. He is handling a high amount of debt restructuring and insolvency cases, including several significant cases. He also assists investors presenting asset take-over offers in courts. The finance and corporate practice, notably through David Lussigny, also contributes.
Practice head(s):
Testimonials
‘A team of strong partners and a boutique firm which offers high-quality standards and tailor-made services.’
‘Pierre Chatelain is a very skilful lawyer. He has deep knowledge of the restructuring market and its various actors. He is calm under high pressure and shows great ability to always find a solution. He is technically very strong.’
Orrick Rambaud Martel
Orrick Rambaud Martel combines strong finance and insolvency expertise through the complementary duo made up of banking and finance partner Emmanuel Ringeval and insolvency and restructuring partner Carine Mou Si Yan. The practice advises banks and investment funds. It is involved in several market highlight cases.
Practice head(s):
Testimonials
‘Carine Mou Si Yan is very thorough and competent when dealing with complex files.’
Key clients
Natixis
CACIB
BNP Paribas
Davidson Kempner
Société Générale
Triton
Oaktree Capital Management
Värde Partners
Centerbridge
Work highlights
- Assisting senior lenders with Orchestra-Prémaman’s €209m debt restructuring.
- Assisted two of the largest senior lenders, Värde and Triton, with the lender-led €465m restructuring of Fraikin.
Renault Thominette Vignaud & Reeve
Renault Thominette Vignaud & Reeve's Jason Reeve acts for debtors and creditors.
Practice head(s):
Testimonials
‘Jason Reeve is very able and efficient.’
Rescue Law
In 2019, Serge Pelletier left Brunswick La Morinerie to start its own boutique firm names Rescue Law. The three-lawyer team acts both for SMEs and leading companies facing insolvency and restructuring proceedings. It was recently involved in the William Saurin's insolvency case on behalf of Banque Espírito Santo et de la Vénétie. The practice also assists investors presenting asset take-over offers in courts, notably for key client Arcoles Industries. Finally, the practice also handles related liability disputes. Of counsel Constance Verroust-Valliot is also a key member.
Practice head(s):
Key clients
BESV
DXO
Odeolis
JIPE
Malvaux Industrie / Rougier
Groupe Ordener
Global Equities
Cogne Marion
Imprimerie du Large
Marketshot/One sixty 2
MoonDream/Toiles de Mayenne
Arcoles Industries / Ets Pichon
SFPI / Unitecnic
Work highlights
- Advised Banque Espírito Santo et de la Vénétie on William Saurin’s insolvency proceedings.
- Advised Odeolis on its safeguard proceedings.
Shearman & Sterling LLP
Shearman & Sterling LLP's Pierre-Nicolas Ferrand assists debtors and banks in refinancing and restructuring situations. The practice is involved in several major matters in the textile sectors and is also managing several cross-border cases.
Practice head(s):
Testimonials
‘The team is available and has great finance and restructuring work experience.’
Key clients
BANQUE THEMIS
ALLGAIER-GROUP
SIR
Work highlights
- Advised Banque Themis on a new financing for Groupe Cahors in the course of its debt restructuring proceedings (conciliation).
- Advised Société Ivoirienne de Raffinage as creditor on the judicial re-organisation and later judicial liquidation proceedings of Nox.
Towery
Towery started its practice in 2018 after Samuel Scherman joined from well-known boutique Lantourne & Associés. Assisted by one associate, he regularly assists debtors facing financial difficulties at various stages. Samuel Scherman also advises investors during asset take over bids, and handles liability litigation.
Practice head(s):
Testimonials
‘The team is very pragmatic, makes complex situations seem simple, has excellent relationships with other parties and a very good network.’
‘The firm has a good knowledge of the insolvency process.’
‘Samuel Scherman provides tailored services. He is well known and a truthful person who stands beside his clients when they are facing difficulties. He is an excellent negotiator.’
Key clients
Orrion Chemicals
Hexagona
Atalante
Sport Bar
Work highlights
- Represented 1001 Pneus in its insolvency proceedings and sale of the assets to Cdiscount.
- Represented Yuulog France in its insolvency proceedings and sale of assets.
Veil Jourde
Veil Jourde acts for all types of stakeholders including shareholders, bondholders, as well as debtors and potential investors involved in restructuring and insolvency cases. Nassim Ghalimi who heads the practice, successfully assisted famous Parisian restaurant Le Dôme in dealing with major difficulties. The highly experienced Georges Jourde only handles a very limited number of cases but is often consulted or involved in market’s landmark cases. He is advising Fashion Holding Luxembourg in Camaïeu’s debt restructuring. Géraud Saint Guilhem also contributes to the practice for distressed M&A transactions.
Practice head(s):
Other key lawyers:
Key clients
Aryes
Le Dôme, a well-known restaurant
Stéphane Gorrias, liquidator of 1855 – Arès / Héraclès
Fred Paris
Assofac
Work highlights
- Successfully assisted famous Parisian restaurant Le Dôme with its difficulties.
- Advised Fashion Holding Luxembourg on Camaïeu’s debt restructuring.
Vivien & Associés
Vivien & Associés' insolvency and restructuring practice is led by Laurent Assaya who regularly advises companies and investors in assets take over bids. The three-lawyer team also acts for debtors and shareholders. It assisted Electrolux Home Products France in its involvement in Société Ardennaise Industrielle's insolvency proceedings.
Practice head(s):
Testimonials
‘The team is responsive and provides an excellent service.’
‘The team provides personal service and has in-depth knowledge of its clients’ history and objectives. It offers creative and practical solutions.’
‘Laurent Assaya provides good and savvy advice. He is a great lawyer to have at one’s side in time of difficulties.’
Key clients
Electrolux
Cyrus Capital
Comeca
Muhlhauser
Yara
BCBG Max Azria Group
Septodont
Overhead Door Corporation
La Poste Group
Schlumberger
NextiraOne
Work highlights
- Assisted Cyrus Capital as 90% owner of Jellej whose bid offer on Toys R Us Sarl was approved by the Evry Commercial Court.