The Covid-19 crisis led to the cancellation of approximately 40 events and the postponement of another hundred. In its application for sauvegarde, the company explained that it expected to breach the 8.6x net leverage covenant test attached to the fully drawn €90 million revolving facility on Sept. This puts the company in the unusual position of having a sponsor enter sauvegarde to the detriment of its lenders, one of whom is also the sponsor. Fitch notes that the company has an ongoing legal dispute with Europa.Ĭredit Agricole was global coordinator and sole physical bookrunner when the original term loan was launched in January, as reported. The company intended to acquire Europa, a healthcare events company, in February for €225 million but this was interrupted by the onset of Covid-19. Comexposium has made about 22 acquisitions since 2015, according to Fitch. The future of the company’s M&A plans depends on how significantly it is able to reduce its debt, sources add. However since 2014, competing restructuring proposals can be put forward by financial or trade creditors.
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In sauvegarde proceedings, the drafting of a restructuring plan is usually management’s responsibility. Shareholders have pledged about €75 million to support the company during the sauvegarde period, which should be sufficient for at least 12 months, sources added. In a statement to Reorg the company said: “Comexposium's shareholders have confirmed that they will provide the necessary resources to get through this period. The company’s term loans dropped to the 30s before rebounding to the 70s in early October.Ĭomexposium’s shareholders, the Chamber of Commerce and Industry of Paris and Predica, part of the Credit Agricole Assurances Group, are understood to have rejected the proposal. The legal proceedings triggered a selloff by CLO lenders. The company entered into sauvegarde proceedings in September providing a stay on all interest payments, as reported. Hayfin and KKR were among the original term loan B lenders. SVP and Attestor are understood to be the largest lenders.
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Under the plan, existing shareholders will have the ability to invest alongside creditors. The group has proposed the equitization of 50% of the debt.
#Svp s&m videos update
Continue reading for the EMEA Core Credit by Reorg team's update on Comexposium, and request a trial for our coverage of thousands of stressed, distressed and high-yield credits.Ī coordinating committee comprising SVP, Attestor, Hayfin and KKR which holds about 75% of the term loan debt made the offer, sources add. Shareholders of French conference organizing group Comexposium are involved in a bust-up with lenders over a €175 million new money and debt equitization proposal, sources tell Reorg.