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.

Practice head(s):

Philippe Dubois; Joanna Gumpelson

Other key lawyers:

Segolène Coiffet

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.

Practice head(s):

Jean-Pierre Farges

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.

Practice head(s):

Cécile Dupoux; Philippe Druon

Other key lawyers:

Astrid Zourli

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.

Practice head(s):

Jean-Dominique Daudier de Cassini; Anne-Sophie Noury

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.

Practice head(s):

Saam Golshani

Other key lawyers:

Alexis Hojabr

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.

Practice head(s):

Lionel Spizzichino

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.

Practice head(s):

Nicolas Morelli; Romain de Ménonville

Other key lawyers:

Céline Nézet

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.

Practice head(s):

Nicolas Laurent; Olivier Puech

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):

Guilhem Bremond; Virginie Verfaillie

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.

Practice head(s):

François Kopf

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.

Practice head(s):

Maurice Lantourne; Flavie Hannoun

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.

Practice head(s):

Antoine Diesbecq; Laurent Jourdan

Other key lawyers:

Emmanuel Laverrière 

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 SantoniBérangère 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.

Practice head(s):

Marc Santoni; Bérangère Rivals; Lionel Lamoure 

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.

Practice head(s):

Michel Jockey; Pierre-Gilles Wogue

Other key lawyers:

Mana Rassouli ; Julien Balensi

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.

Practice head(s):

Fabrice Patrizio

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.

Practice head(s):

Noam Ankri

Other key lawyers:

Cyrine Abdelmoula

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.

Practice head(s):

Laurent Cotret

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.

Practice head(s):

Didier Bruère-Dawson

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.

Practice head(s):

Audrey Molina

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.

Practice head(s):

Serge-Antoine Tchekhoff; Bruno Robin; Edouard Fabre

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.

Practice head(s):

Aymar de Mauléon de Bruyères

Other key lawyers:

Carole Nerguararian

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.

Practice head(s):

Timothée Gagnepain

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.

Practice head(s):

Philippe Hameau

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.

Practice head(s):

Nicolas Partouche

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.

Practice head(s):

Patricia Le Marchand; Fabienne Goubault

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):

Matthieu Barthélemy; Anker Sorensen; Julien de Michele

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.

Practice head(s):

Jérôme Barbier

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

BersayDimitri-André Sonier  mainly assists insolvent companies, and also advises investors during asset takeover transactions.

Practice head(s):

Dimitri-André Sonier

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.

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):

Michael Cahn

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 & AssociésOlivier Debeine often advises debtors, commercial partners and judicial administrators. He acts in restructuring and insolvency proceedings and also handles related litigation.

Practice head(s):

Olivier Debeine

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):

Delphine Caramalli; Reinhard Dammann

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 GanciaChristian Pascoët, Thomas Objatek and of counsel Jean-Yves Marquet.

Practice head(s):

Martine Zervudacki Farnier

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):

Bertrand Biette; Patrick Espaignet

Other key lawyers:

Antoine Bisdorff; Laïd Estelle Laurent

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):

Bruno Paccioni

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.

Forget, Boché, Dobelle

Insolvency boutique Forget, 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. Pierre Forget, 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):

Pierre Forget; Mylène Boché-Robinet; Véronique Dobelle

Key clients

Sealynx

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):

Céline Domenget-Morin

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):

Pauline Bournoville

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):

Fabienne Beuzit

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):

Marie-Christine Fournier-Gille; Dominique Penin

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):

Pierre Chatelain

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):

Emmanuel Ringeval; Carine Mou Si Yan

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):

Jason Reeve

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):

Serge Pelletier

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):

Pierre-Nicolas Ferrand

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):

Samuel Scherman

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):

Nassim Ghalimi

Other key lawyers:

Georges Jourde

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):

Laurent Assaya

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.