The main creditors of the ex-PagesJaunes will require the repayment of the debt if the restructuring plan is not approved by the shareholders.
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The wall comes dangerously close to SoLocal and 4 400 employees. In debt distress, the ex-PagesJaunes still not found the way to alleviate his burden. A plan of debt restructuring, which aims to raise 1.1 billion to 400 million euros, is still on the table. It had been designed with the creditors and representatives of small shareholders, appointed in the wake of the general assembly in a heated, which was held on 19 ocobre. Yet, this plan still does not make consensus.
also Read : time of the vultures for the ex-PagesJaunes
Benjamin Jayet, who introduces himself as ” the first shareholder of the company “ with 7 percent of the capital, will always try to renegotiate to obtain better terms. It was filed Friday, November 18, resolutions in this direction. the ” I am a man of conciliation. I propose an amendment to the balanced plan, which would lose that 100 million additional euros to creditors “, ” he says. On his side, Didier Calmels, another activist, who distinguished himself at the relief of the gallery Soft, also explains that he will not vote this plan supposed to be submitted when a new general assembly on 15 December. He has also filed resolutions asking for the departure of the whole board of directors.
Chaos
in the Face of this rebellion, the principal creditors – Paulson, Amber and Monarch – have decided to bang one’s fist on the table. According to our information, these were addressed on Monday, November 21 a letter to the chairman of the board of directors Robert de Metz and of Jean-Pierre Remy, director and chief executive officer of the company in which they stated officially that they will request repayment of the debt of SoLocal if the plan on the table is not approved by the shareholders.
” The attempts of Gentlemen Jayet and Pimodan [another person] to reopen negotiations even though they are not of the legal representatives of the company we suggest that they act de facto as managers of the company, who are trying to take control “, ” says the letter. the ” We will vote no to a plan that is not adopted by the shareholders… and we will recommend to creditors to exercise their rights by requesting the repayment of the debt. “
By requiring the 1.1 billion euros of debt, the creditors would as well SoLocal to the bankruptcy filing. A hypothesis, which will cause them to lose a lot of money, but less than the shareholders would be left with nothing. This scenario would also be synonymous with the worst for the employees of SoLocal, the company would plunge into the chaos. Perhaps to avoid creating a panic, the creditor shall also specify that they would ” in a friendly manner to preserve the interests of the business and employees “.
In the camps in front of it, it takes the threat of creditors such as ” another ” coup bluff. the ” This is not because they say they are going to do it. Each shows its muscles. It is the negotiation “, lance Christophe Deshayes, a small shareholder who has joined the camp of Didier Calmels.
Read also : In SoLocal, formerly PagesJaunes, small shareholders and creditors to find a compromise
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