FRANCE - Distressed Belvédère a private equity target?

While 12 months ago the publicly listed company’s value was around the EUR 1bn mark, the breach of a bond covenant last year saw the company’s value slide 70% after S&P subsequently dropped the debt rating to D. With only EUR 135m in cash or cash equivalents, Belvédère was unable to meet the full EUR 375m repayment.

The company has now been placed under ‘sauvegarde’, the equivalent of the American chapter 11 judicial protection, and is now exempt from debt repayment for six to 12 months in order to seek protection from creditors.

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