Recent news from the French RCR market
This short article surveys some key news from Pierre Tallot who heads up the Taylor Wessing RCR practice in France.
The most significant bankruptcy case that has occurred in France for the last 10 years was announced on 26 November 2013 and led to the opening of judicial proceedings for Mory Ducros Transports. This logistics and delivery services group, which operates 4,500 trucks in France, generated in 2012 a turnover in excess of €765m (£639m) but suffered losses for an amount of €80m.
5,200 employees are concerned by the current proceedings as well as 2,000 sub-contractors. Redundancies are expected to amount to more than 2,000 jobs. Interestingly, the current majority stakeholder of Mory Ducros Transports is a French turnaround fund which took over the group from its previous owner in 2011 — but with no success. A six-month observation period is now opened under the control of the Commercial Court and judicial administrator. A new business plan has now to be drawn up in order to design a reorganisation plan and, if possible, attract a purchaser…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
A ratchet is a structure whereby the eventual equity allocations between the shareholders depend on future performance of the company or the rate of return achieved by the venture capital firm.
The venture capital investors in an investment round normally require that certain actions cannot be taken without the consent of the holders of a majority of their class or series of shares.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town