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August Debouzy Advises Réside Études on Its Comprehensive Restructuring
Communiqué Restructuring Operations | 02/07/25 | 3 min. | Laurent Cotret Clément Quernin Juliane Cat Guillaume Aubatier Alix Kianpour Philippe Lorentz Elie Bétard
Real estate - Construction
August Debouzy has advised Réside Études Group in connection with its comprehensive restructuring plan, following financial difficulties encountered by several of its operating entities.
A key player in investment real estate since its founding in 1989, Réside Études operates an integrated model combining property development, asset management, and the operation of serviced residences. The group focuses on two core segments, student housing and extended-stay hotel residences, under well-known brands such as Residhome, Les Estudines, Stud’City, and Séjours & Affaires.
As France’s leading operator of student residences, Réside Études has supported over 23,000 individual property owners, offering a blend of urban integration, service quality, and long-term performance.
In light of financial challenges, the group initiated safeguard proceedings in December 2023 under the jurisdiction of the Paris Commercial Court. On June 24, 2025, the court approved 32 safeguard plans, including seven subject to classes of affected parties.
All plans received unanimous support from affected creditor classes, reflecting both the credibility of the proposed measures and the effective consultation process conducted with stakeholders.
The €400 million financial restructuring has allowed the group to maintain operations, reorganize its business scope, including the divestment of its senior living division, and safeguard the interests of landlords and commercial partners. As part of the plan, two fiduciary management structures were implemented, providing innovative creditor protections and supporting the group’s asset disposal strategy.
A pivotal element of the restructuring involved two Euro Private Placement (Euro PP) bond issues, totaling approximately €100 million. Bondholders fully endorsed Réside Études’ safeguard plan, securing a long-term refinancing solution for the group as a whole.
The August Debouzy team advising Réside Études was led by Partner Laurent Cotret, with Clément Quernin, Counsel, and Juliane Cat, Associate, on restructuring matters; Guillaume Aubatier, Partner, and Alix Kianpour, Associate, on real estate law; and Philippe Lorentz, Partner, and Élie Bétard, Counsel, on tax law.
Eight Advisory, represented by Partner Édouard Dutheil, acted as financial advisor in drafting the safeguard plans.
The Euro PP bondholders were represented by Orrick, with a team led by François Wyon and Aurélien Loric, Partners, Florent Lewkowicz, Of Counsel, Elodie Tancray, Managing Associate, and Paolo Danelzik, Associate, for restructuring and corporate matters, and Manaf Triqui, Partner, and Benjamin Degoul, Associate, for financing matters.
Attorneys Reinhard Dammann and Bertrand Biette also served as legal counsels to Réside Études.
The proceedings were overseen by three court-appointed administrators, Attorneys Lou Fléchard, Christophe Thevenot, and Charles-Henri Carboni, and three court-appointed creditors' representatives, Attorneys Frédéric Lévy, Denis Gasnier, and Didier Courtoux.