French Safeguard Proceedings: Paris Court of Appeal controls the risk of abuse
Article publié dans la revue Insolvency and Restructuring International
Vol. 4, No. 2, septembre 2010, ISSN 1995-0241
(Article en anglais)
The commencement of safeguard proceedings over the French asset holding company SAS Heart of La Défense ('HOLD') and its Luxembourg registered parent company SARL Dame Luxembourg ('Dame Luxembourg') on 3 November 2008 by the Commercial Court of Paris cast a chill on the real estate and structured finance community. These judgments were seen by practioners as an additonal signal of a debtor-friendly interpretation of law in a debtor-friendly jurisdiction, encouraging a misuse of the newly-introduced French safeguard proceedings. Once more, French borrowers gained leverage over their lenders in restructuring negociations.
[...]
Télécharger "French Safeguard Proceedings"