Hogan Lovells advises AccorInvest on its financial restructuring

Impacted by the COVID-19 health crisis, the AccorInvest Group has negotiated with its pool of lenders to restructure its existing debt of €4.5 billion and has secured additional financing, in the form of debt and equity.

The overall arrangement between AccorInvest and its banking partners provides for the restructuring of its existing debt and the granting of a state-guaranteed loan of €477 million from its existing banking partners. The arrangement also provides for a recapitalization of the group, with a capital increase of an equivalent amount to the state-guaranteed loan, (i.e. €477 million), from its existing shareholders.

The agreement between a subsidiary of the AccorInvest group and its banking partners relating to the granting of the state-guaranteed loan of €477 million was the subject of a conciliation protocol approved by a judgment of the Paris Commercial Court dated March 18, 2021. 

An international and multidisciplinary team from Hogan Lovells advised AccorInvest, led from the Paris office by Philippe Druon, head of the BRI practice, and Alexander Premont, co-head of the Banking practice.

In Paris, the team also included Alexandre Heyte and Rania Kahloul (associates) on restructuring aspects; Cristina Marin (Counsel), Isabelle Rivallin and Joseph Newton (senior associates), Constance Brégé and Constance Guyot (associates) on financing aspects; Jean-Marc Franceschi (partner) and Franciane Rondet (associate) on corporate aspects; Xenia Legendre (partner) and Adrian Gaina (associate) on tax aspects; Katia Merlini (partner) and Elodie Cavernes (associate) on capital markets aspects; Dominique Mendy and Marion Guertault (partners) on employment aspects.

Ariane Mehrshahi (Counsel), Valérie Laskowski (senior associate) and Agnes Merz (associate), Gérard Neiens (partner), Jean-Philippe Monmousseau (Counsel), Pierre-Luc Wolff (senior associate), Grâce Mfuakiadi (associate) from the Luxembourg office; Matthew Cottis (partner), Stephanie Saunders (senior associate) and Eleanor Griffith (associate) from the London office; Bianca Engelmann (partner), Clara Rego Calderón and Antonia Wolf (senior associates) from the Frankfurt office; Heiko Tschauner (partner) and Maximilian Baier (counsel) from the Munich office; Susann Brackmann (senior associate) from the Hamburg office; Robert Masman (partner), Dylan Goedegebuure (Counsel) and Yvette Voermans (associate) from the Amsterdam office; Piotr Zawislak (partner) from the Warsaw office; José Luis Vázquez (partner), Carlos Meijide (senior associate) and Laura Wouters (associate) from the Madrid office; Kaveeta Sandhu (Counsel) from the Singapore office also advised on local law aspects.