Freshfields advises the Ad Hoc Committee of lenders on the financial restructuring of the AccorInvest group
Freshfields Bruckhaus Deringer LLP (Freshfields) and Houlihan Lokey EMEA, LLP (Houlihan Lokey) advised the members of the Ad Hoc Committee of lenders on the financial restructuring of the AccorInvest group, which operates 887 hotels worldwide and employs over 26,000 employees in 28 countries.
As a result of the spread of Covid 19 across a number of jurisdictions, the AccorInvest group has experienced extraordinary and unexpected financial and operational pressures. The restructuring discussions commenced in October 2020 and the restructuring was completed on 19 March 2021. The restructuring involved amendments to the existing €4.5bn unsecured Facilities Agreement alongside the following transactions:
• €477m new equity injection by the existing shareholders; and
• €477m French state guaranteed loan being made available to the main French subsidiary of the AccorInvest group.
The transaction involved 10 different jurisdictions (Brazil, Luxembourg, Poland, Singapore, Switzerland, France, Germany, Netherlands, Spain and UK), with five Freshfields offices involved.
The Freshfields team was led by Laurent Mabilat (partner, Paris), Stephanie Corbiere (partner, Paris), David Trott (partner, London), Emma Gateaud (counsel, London) and Gabriel Glover Bondeau (counsel, Paris).
The team was also assisted by partners Guy Benda, Vincent Daniel-Mayeur and Marc Peronne in Paris, Marvin Knapp and Mario Huether in Germany, Michael Broeders in Netherlands, Ana Lopez in Spain and Vikki Hills and Giles Pratt.
The Houlihan team was composed of Peter Marshall (Co-Head of European Restructuring, London), Laurent Benshimon (Head of French Restructuring, Paris), Sebastien Dormeuil (Senior Vice President, London), Tanya Wong (Vice President, NYC), Jae Lee (London), Nicolas Pullman (London).