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.
