Global law firm Norton Rose Fulbright has advised French leader in offshore maritime services Bourbon Maritime on a lender-led financial restructuring. The Commercial Court of Marseille validated the conciliation protocol signed by all creditors of the group on December 14, 2020.
Based in Marseille, the Bourbon group, which achieved a turnover of €720 million in 2019, has had its debt reduced by more than €1.5 billion largely through the conversion of receivables into capital. Its debt thus fell from €2.648 billion to €1.065 billion, including €228 million in bonds redeemable for shares.
This debt reduction was accompanied by the establishment of new financing of around €150 million, in addition to the granting of state-guaranteed loans in the amount of approximately €38 million.
The Bourbon group is now fully-owned by its creditors, including French banks Societe Générale, BNPP, BPCE, Crédit Agricole and Crédit Mutuel, and other foreign establishments that became shareholders in the course of this financial restructuring, including ICBCL and Standard Chartered Bank, who now hold a stake of approximately 18 per cent and 10 per cent respectively.
EMEA Head of Transport and partner Christine Ezcutari led the international team in charge of assisting Bourbon on the shipping matters of this transaction. Partner Alexandre Roth, senior associates Paolo Pinna and llian Williams, Alexis Babin de Lignac, Constance Ollat, Lorraine Viard, Polina Maloshchinskaia and Marta Kowalewska, assisted her from Paris and London. Partners Sue Ann Gan in Singapore and Florent Trouiller in Luxembourg also brought their support.
In total, 14 law firms were involved on this restructuring for Bourbon Group.