Partouche Seeks Legal Protection from Creditors
Key Takeaways
  • Paris court grants Groupe Partouche “safeguard” protection against its creditors.
  • The casino, hotels and restaurant group owes €233m.
  • It now has a period where it need not pay debt when it can come to a creditors agreement on the continued functioning of the business.
  • The Partouche family are concerned that one holder of the debt will seek to acquire control of the business.
  • Their worries center on Oaktree Capital Management, a US fund that bought 38% of the outstanding loans.

A Paris court has granted an application by Groupe Partouche to be placed in a “safeguard” legal process. The company has outstanding debts of €233.7m.