SMCP to review recomposition of its capital (updated)
25/01/2022 19:53
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PARIS, Jan 25 (Reuters) - French fashion group SMCP
SMCP.PA on Tuesday said it would put in place an ad hoc
committee to review its capital structure.
"The Board of Directors of the Company has considered it
necessary to initiate a review of the recomposition of its
capital with a view to stabilizing and consolidating its
shareholder base," SMCP, owner of contemporary French fashion
labels Sandro and Maje, said in a statement.
SMCP shareholders are dominated by a group of former
bondholders including Blackrock and Carlyle which acquired a 29%
stake in the company when its former majority owner, a unit of
Chinese conglomerate Shandong Ruyi 002193.SZ , defaulted on
debt worth 250 million euros.
When taking its equity stake last year, the bondholder group
had said that it intended to sell its stake to a third party.
Earlier this month, they voted to oust five board members
associated with Shandong Ruyi, the latest development in a legal
battle between former and current shareholders of the French
fashion group. urn:newsml:reuters.com:*:nL1N2TU1IZ
(Reporting by Tassilo Hummel
Editing by Chris Reese and Leslie Adler)
((Tassilo.Hummel@thomsonreuters.com;))