Paris - Leading law firm Mayer Brown has advised the French clothing and shoe retailer, Vivarte, on the tax aspects of its €2.8 billion debt and share capital restructuring. Vivarte's 116 creditors, who unanimously agreed to cut Vivarte’s debt to €800 million and inject an additional €500 million into the business, will become shareholders.
The transaction, which is the largest-ever debt-for-equity swap to have been completed in France and Europe's largest LBO restructuring, will enable the group to strengthen its financial capacities and pursue its online and international development strategy.
Vivarte is France’s leading footwear and apparel specialty retailer and is ranked sixth in Europe. Its portfolio includes a range of highly recognised French brands including Andre, Minelli, Cosmoparis, Caroll, Naf Naf and La Halle.
The Mayer Brown team included:
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