EuroResource-Deals And Debt - November 2014

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments

Recent Developments

France—Beginning 1 November 2014, certain small and mid-size French companies are obligated under Law No. 2014-856 (Loi sur l'Economie Sociale et Solidaire) of 31 July 2014 to give their employees at least two months' prior notice of any anticipated change of control or sale of the employer's business. The purpose of Law No. 2014-856, entitled "law regarding the social and solidarity economy," is to give employees an opportunity to make a competing offer for the company's shares or business. The new measure applies to all companies with fewer than 50 employees and certain companies with between 50 and 249 employees, depending on certain turnover and balance sheet tests, but it does not apply to companies subject to conciliation proceedings or formal insolvency proceedings. Any failure to