Lenders of French conference organizer Comexposium have hired Lazard and White & Case to advise in upcoming restructuring talks with the company under sauvegarde
, sources told Reorg. The company has appointed Messier-Maris and SCP Santoni to advise during its debt talks.
At the end of September, three holding companies of Comexposium as well as Comexposium SAS applied for and were granted creditor protection under France’s sauvegarde
with Nanterre Commercial Court, as reported
. The procedure freezes the debt payment of the protected companies, allowing for a reorganization of liabilities and an initial grace period of six months.
The company’s term loans traded up to 70 after dropping to 30-40 following the sauvegarde
In the court filing, the company exposed that while it is not currently in default, it expected to breach the leverage covenant test attached to the fully drawn €90 million revolving facility on Sept. 30. The facility could then become due with its lenders entitled to enforce their security. Such a scenario would then lead to insurmountable difficulties, it argued.
Creditors of the French group include CLO funds and banks, sources said. In February, Comexposium completed
a €114 million add-on to its existing seven-year €483 million term loan B, which was issued
in January 2019.
--Aurelia Seidlhofer, Luca Rossi