Pierre et Vacances SA: Equity Strengthening and Signing Conciliation Protocols
16 Novembre 2021 - 8:00AM
Business Wire
Regulatory News:
Pierre et Vacances SA (Paris:VAC):
- Receipt of one binding offer as part of the equity
strengthening process and continuing discussions with other
candidates
- Signing of the Adagio and Pierre et Vacances SA conciliation
protocols
1. Receipt of one binding offer as part of the equity
strengthening process and continuing discussions with other
candidates
As part of the ongoing process, the Group has so far received
one binding offer from investors, some of whom are also existing
financial creditors of the Group. This offer, currently under
discussion with the Group and its majority shareholder, remains in
particular subject to the agreement of the financial creditors on
the proposed scheme.
Discussions with other candidates are continuing in the
meantime.
2. Signing of the Adagio and Pierre et Vacances SA
conciliation protocols
As part of the execution of the agreements relating to the
implementation of the New Financing concluded on June 19, 2021, two
conciliation protocols were signed under the aegis of the
conciliators and the Comité Interministériel de Restructuration
Industrielle (CIRI):
- on November 4, 2021 between Adagio, its partners and seven
banking institutions,
- on November 10, 2021 between Pierre et Vacances SA, seven
banking institutions, the Euro PP holders and certain Ornane
holders.
The main purpose of these conciliation protocols is to formalize
the respective and reciprocal commitments of:
- Adagio, its partners and new lenders, including in particular
the conclusion of loans guaranteed by the French State, the total
amount of which has been determined to be approximately 23 million
euros,
- Pierre et Vacances SA, the lenders under the loan guaranteed by
the French State in the amount of 34.5 millions euros (the "New
PGE Group "), the Euro PP holders and certain Ornane holders,
and in particular the implementation of the New Group PGE and the
increase in the portion of the elevated indebtedness held by the
Euro PP holders participating in the second tranche of the New
Financing.
The drawing down of the second tranche of the New Financing and
the setting up of these loans guaranteed by the French State are
conditional, in particular, on the approval of the conciliation
protocols by the Paris Commercial Court and the granting of the
conciliation privilege (privilege de conciliation) to the benefit
of the lenders.
The homologation hearings were held before the Paris Commercial
Court on November 15, 2021 and the judgments were reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20211115006388/en/
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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