IFR International - 28.07.2018

LOANS LEVERAGED LOANS

FRENCH COURT AGREES ORCHESTRA
PREMAMAN’S DEBT DEAL

The Montpellier Commercial Court has
APPROVEDûAûlNANCIALûRESTRUCTURINGûPLANû
AGREEDûBETWEENû&RENCHûBABYûANDûCHILDRENSû
clothing group ORCHESTRA PREMAMAN and its
creditors.
Orchestra Premaman entered into a
CONCILIATIONûPROCESSûONûUNEûûINûORDERûTOû
negotiate the debt restructuring.
The Montpellier Commercial Court
APPROVEDûTHEûPLANûONûULYûûANDûTHEû
signing of the legal documentation to allow
the implementation of the restructuring to
take place on July 25.
Under the terms of the debt agreement
õMûOFûTHEûCOMPANYSûBANKûDEBTûWILLûBEû
extended until July 2020 and €100m of the
GROUPSû ûûANDûûBONDSûWILLûBEû
extended by one year.
The agreement also allowed Orchestra
0REMAMANûTOûRAISEûUPûTOûANûADDITIONALûõMû
lNANCINGûWITHûAû
MONTHûMATURITY
/NûULYûûTHEûCOMPANYûAGREEDûAûõMû
lNANCINGûWITHû"ANQUEû4HEMIS ûSECUREDûBYûAû
possessory pledge on inventories.
The legal documentation relating to the
ADDITIONALûlNANCINGûWASûSIGNEDûONûULYûû
and will be made available to Orchestra

Premaman in one instalment by

September 7 at the latest.

There will also be a capital increase, for

a minimum amount of €28.5m, which will

BEûIMPLEMENTEDûBYû.OVEMBERûûû

with creditors getting preferential

subscription rights.

/RCHESTRASûDEBTûCURRENTLYûINCLUDESû

õMûOFûCREDITûLINESûANDûõMû

of guarantees plus €89.1m of bilateral

loans. In addition the debt comprises

€20m of 2020 bonds, €41.5m of 2021

Euro private placement bonds

ANDûõMûOFûûPRIVATEû

placement bonds.

FRENCH COURT APPROVES WILD

BUNCH DEBT RESTRUCTURING

The Commercial Court of Paris has

approved a restructuring plan agreed

BETWEENû%UROPEANûlLMûDISTRIBUTIONûANDû

international sales company Wild Bunch

SA – a wholly owned subsidiary of Wild

"UNCHû!'ûnûANDûITSûMAINûCREDITORSû

including investors Sapinda Holding and

SWB Finance.

Under the terms of the debt for equity

restructuring plan SWB Finance, a Sapinda

'ROUPûCOMPANYûWILLûASSUMEûõMûOFû

7ILDû"UNCHSûEXISTINGûlNANCIALûLIABILITIESûnû

õMûOFûWHICHûWILLûBEûCONVERTEDûINTOû

7ILDû"UNCHû!'ûEQUITY

Bondholders have also agreed to convert

THEûCOMPANYSûõMûûCORPORATEûBONDSû

INTOûNEWûSHARESûOFû7ILDû"UNCHû!'ûBYûWAYûOFû

a further capital increase.

4HISûWILLûRESULTûINûAûõMûREDUCTIONûINû

7ILDû"UNCHSûDEBTûANDûAûPARALLELûINCREASEûINû

equity.

Following the restructuring existing

shareholders will hold around 9% of the

company, bondholders around 15% and the

INVESTORSûAROUNDû

In addition Sapinda and SWB Finance will

PROVIDEûTHEû7ILDû"UNCHû'ROUPûWITHû

SHAREHOLDERûLOANSûOFûATûLEASTûõM

The proposed capital increases will be

subject to a vote at a shareholders meeting

on September 20.

“We are pleased to be able to provide a

lNANCIALûSOLUTIONûTOûTHEûHIGHLYûDECORATEDû

7ILDû"UNCHûlLMûGROUPûWITHûTHISûINJECTIONû

of equity capital, alongside a debt

RESTRUCTURINGû!NûINDEPENDENTûlLMû

champion like this with so much heritage,

requires stability and support to initiate a

NEWûPHASEûOFûPROlTABLEûGROWTHvû,ARSû

7INDHORSTûCHIEFûEXECUTIVEûOFlCERûOFû

3APINDAû'ROUPûSAID

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