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The Double LuxCo Structure and Its Application in French Leveraged Acquisition Financings

August 31, 2010
Gilles Peigney, Raphaël Richard, R. Jake Mincemoyer, Katharine Summerley, Kate Andrews

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Recent history has shown that restructurings in France are not for the faint hearted. Under French law, a solvent French company that is in serious financial difficulties may unilaterally file for safeguard proceedings (sauvegarde) in the French bankruptcy courts without the consent of the lenders (a hostile safeguard).

To protect against hostile safeguards, recent French LBOs have been structured using a double Luxembourg holding company ("double LuxCo") structure.

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