Brief: Pierre Et Vacances Announces Successful Restructuring

Pierre Et Vacances SA

10/03/2022 09:45

March 10 (Reuters) - Pierre et Vacances SA  PVAC.PA :
    * SUCCESS OF THE RESTRUCTURING PROCESS OF THE PIERRE &
VACANCES –
CENTER PARCS GROUP
    * ANNOUNCES THAT ON MARCH 10, 2022 IT REACHED AN AGREEMENT
WITH
ALCENTRA, FIDERA, ATREAM, AS WELL AS WITH ITS MAIN BANK
CREDITORS, ITS EURO PP CREDITORS AND ITS MAIN ORNANE HOLDERS
    * THE AGREEMENT ALSO PROVIDES THAT, SUBJECT TO LIMITED
EXCEPTIONS,
SIGNATORY CREDITORS ARE PROHIBITED FROM ASSIGNING THEIR CLAIMS
UNTIL SEPTEMBER 16, 2022
    * THIS AGREEMENT MEETS OBJECTIVES OF COMPANY AND FOUNDER TO
PRESERVE INTEGRITY OF GROUP AND TO ACHIEVE BALANCED FINANCIAL
STRUCTURE BY REDUCING DEBT AND SECURING NECESSARY LIQUIDITY TO
ENABLE IT TO DEPLOY REINVENTION 2025 STRATEGIC PLAN
    * THIS WOULD ALLOW THE INJECTION OF €200M OF EQUITY CAPITAL
TO
STRENGTHEN THE GROUP'S BALANCE SHEET WITH A VIEW TO IMPLEMENTING
ITS REINVENTION 2025 STRATEGIC PLAN
    * THIS WOULD ALLOW A MASSIVE DELEVERAGING OF THE GROUP
    * THESE DEBT-TO-EQUITY CONVERSION OPERATIONS WILL ENABLE
GROUP TO
ROUGHLY DIVIDE GROSS DEBT BY 3 AND RETURN TO SUSTAINABLE LEVEL
OF DEBT SIGNIFICANTLY LOWER THAN THAT WHICH PREVAILED BEFORE
HEALTH CRISIS

Source text for Eikon:  urn:newsml:reuters.com:*:nNDL4PytFD
Further company coverage:  PVAC.PA 

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