A Versailles Court of Appeal Coeur Défense ruling has held that special purpose vehicles (SPVs) can be protected by safeguard procedures in French restructurings.
The decision on January 19 concerning Coeur Défense, the largest office complex in Europe, will ensure companies in France receive court-appointed creditor protection, similar to Chapter 11 bankruptcy protection in the US
It confirmed the safeguard proceedings of the two companies concerned: Hold, the owner, and Dame, its Luxembourg parent company. “The court decided a company which has no activity whatsoever in Luxembourg and is only holding its board there should not be considered a Luxembourg company...