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Deals

Darrois Villey Maillot Brochier advised the CNIM Group on its financial and operational restructuring

Paris, 9 July 2020

Darrois Villey Maillot Brochier advised CNIM Groupe (Euronext Paris, compartment B) and its subsidiaries in their negotiations with their financial and industrial partners which led to the conclusion, on April 29, 2020, of a conciliation protocol subsequently approved by the Paris Commercial Court. Under the terms of the agreements entered into, the financial contributors undertook to avail a confirmed line of signature commitments for a maximum amount of 252 million euro, the financing banks granted two loans of 27.5 and 35 million euros, the State granted two FDES loans of 3.055 and 8.75 million euros and Martin GmbH, the Group’s historical industrial partner, undertook to subscribe to a 45 million euro bond issuance.

These restructuring operations will enable the CNIM group, which employs a total of more than 2,600 employees, to have the cash needed to finance its activities.

The Darrois Villey Maillot Brochier team consisted of Pierre Casanova (partner), Christophe-Marc Juvanon and Martin Lodéon (corporate/M&A), François Kopf (partner), Colin Marvaud and Inès de Matharel (restructuring aspects), Laurent Gautier (partner) and Romain Querenet de Breville (capital market) and Martin Lebeuf (partner) and Mathilde Sollier (financing).

Maître Frédéric Abitbol (Abitbol & Rousselet) was the conciliator.

The banks were advised by Gibson Dunn, Martin GmbH was advised by Taj. FTPA, CMS Francis Lefebvre and Gide acted for the credit insurers. Equitis was advised by Daniela Kotzeva.