White & Case Advises Conforama group Bondholders on Sale of Conforama France to Mobilux
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Global law firm White & Case LLP has advised the bondholders of the Conforama group, the leading European furniture retailer in-store and online, on the sale of Conforama France to BUT's parent company, Mobilux, and on the immediate availability to Conforama France of an initial €100 million state-guaranteed loan and a €50 million bridge loan granted by Mobilux.
A second state-guaranteed loan of €200 million will be made available to Conforama France at the same time as the completion of the acquisition by Mobilux, scheduled for the end of September.
In April 2019, the main creditors of South African group Steinhoff, the owner of Conforama, agreed to finance the Conforama group via a €316 million bond issue in two tranches. Due to the Conforama group's new challenges caused by the coronavirus crisis, the bondholders agreed to support the proposed combination between Conforama and BUT to ensure continuity of the business and to finance the pre-existing redundancy plan within the Conforama group in France.
The White & Case team in Paris which advised on the transaction was led by partner Saam Golshani and included partners Denise Diallo, Alexandre Ippolito, Alexandre Jaurett and Bertrand Liard, counsel Jean Paszkudzki and associates Aurélien Loric, Léa Gredigui, Bettina de Catalogne, Laure Elbaze and Sarah Kouchad.
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