SMCP details new ownership structure after former Chinese owner cuts stake
04/11/2021 15:05
PARIS, Nov 4 (Reuters) - French fashion company SMCP, whose
brands include Sandro and Maje, detailed its new ownership
structure on Thursday after a group of bondholders became its
top shareholder last month following the default on a bond of
its previous Chinese owner.
SMCP said on its website the bondholders, which include
asset manager BlackRock and an affiliate of private equity firm
Carlyle, now held a 29% stake in the company and 25% of its
voting rights.
European TopSoho, a unit of Chinese conglomerate Shandong
Ruyi which defaulted on 250 million euros of bonds exchangeable
in SMCP shares and also recently sold some of its holding, is
left with an 8% stake and 14% of voting rights.
The bondholders, represented by a company called GLAS, have
called for changes on the board of SMCP and said they want to
sell their stake to a third party. urn:newsml:reuters.com:*:nL1N2RP0RO
(Reporting by Silvia Aloisi; Editing by Edmund Blair)
((silvia.aloisi@thomsonreuters.com; +39 02 66129 723; Reuters
Messaging: silvia.aloisi.thomsonreuters.com@reuters.net))