Banks take control of Bourbon
A group of banks will take control of Bourbon’s assets effective January 2nd, 2020. With that decision from the Marseilles Commercial Court, Bourbon’s six-month-long reorganization process has come to an end.
Bourbon had received at least four takeover bids following the suspension of its listing in July this year. By a judgment dated December 23, 2019, the Marseilles Commercial Court has now decided to dispose Bourbon’s assets to Société Phocéenne de Participations (SPP), which is formed by the following banks: BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France, CM-CIC Investissement SCR, Crédit Lyonnais and Natixis and Société Générale.
As the world’s largest OSV-operator, Bourbon has been in severe financial distress since the crude price collapse. This summer, the French company was dealt a final blow when creditors demanded repayment of EUR 800 million in outstanding debt, prompting Bourbon to suspend its listing and start a court-lead restructuring process.