French Safeguard Proceedings: Paris Court of Appeal controls the risk of abuse
22/10/2010
Article published in Insolvency and Restructuring International
Vol. 4, No. 2, September 2010, ISSN 1995-0241
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.
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