---
title: "Restructuring"
id: "2054"
type: "expertise"
slug: "restructuring"
published_at: "2026-01-26T10:40:23+00:00"
modified_at: "2026-07-29T10:28:25+00:00"
url: "https://www.august-debouzy.com/en/expertise/restructuring/"
markdown_url: "https://www.august-debouzy.com/en/expertise/restructuring.md"
excerpt: "Preserving value and restoring performance in times of crisis Corporate distress demands swift action and a clear strategic vision. Cash flow pressures, creditor disputes, and employment risks all require rapid, informed decisions that can determine the company’s future. Between out-of-court..."
taxonomy_language:
  - "English"
taxonomy_post_translations:
  - "pll_69774497a39e4"
taxonomy_tax_expertise:
  - "Restructuring"
taxonomy_tax_famille_expertise:
  - "Transactional"
---

## Preserving value *and restoring performance in times of crisis*

Corporate distress demands swift action and a clear strategic vision. Cash flow pressures, creditor disputes, and employment risks all require rapid, informed decisions that can determine the company’s future. Between out-of-court solutions and formal insolvency proceedings, selecting the right approach is critical to achieving a successful outcome.

We intervene at the first signs of financial stress to design and implement effective restructuring strategies. Debt reorganizations, conciliation, safeguard, judicial reorganization, or liquidation proceedings our mastery of both preventive and court-supervised procedures enables rapid and decisive action. Through a multidisciplinary approach that combines negotiations with court-appointed officials and coordination of financial, labor, and environmental matters, each case benefits from a tailored and pragmatic response.

Executives, creditors, investors, and buyers rely on us to guide them through complex restructuring and turnaround situations in France and abroad.

## *our*Capabilities

### (01) Insolvency Proceedings

From the first signs of distress, we work alongside management to identify actionable options and determine the most appropriate framework. Conciliation, ad hoc mandates, safeguard, and judicial reorganization proceedings each serve distinct objectives, which we assess in light of the company’s financial, operational, and social context. We engage with creditors, develop recovery plans, and negotiate payment terms to preserve both business continuity and employment.

### (02) Acquiring Distressed Companies

Acquiring a distressed business or investing in a turnaround opportunity requires a precise assessment of risks. We assist investors and industrial groups in analyzing financial, social, and environmental exposures, negotiating with court-appointed administrators or receivers, drafting transaction documentation, and submitting acquisition offers. From due diligence to closing, each stage is structured to maximize your chances of success and secure your investment.

### (03) Debt Renegotiation and Restructuring

Debt negotiations often determine the outcome of a crisis. From SMEs to multinational groups, we help clients across all sectors design balanced and sustainable debt restructuring agreements. Rescheduling, debt forgiveness, debt-to-equity swaps, and new security packages each solution is crafted to restore confidence and financial stability. Our experience with both preventive and judicial procedures enables us to act quickly and effectively.

### (04) Cross-Border Restructurings

Groups facing financial distress often operate across multiple jurisdictions, creating complex coordination challenges. With lawyers admitted to foreign bars and long-standing partnerships with leading international firms, we manage cross-border restructurings across Europe and beyond. Acquisitions of distressed French subsidiaries, multinational reorganizations, and coordination with local administrators are handled with precision and consistency. We align strategies, harmonize processes, and mobilize resources to optimize outcomes.

### (05) Insolvency Litigation

Insolvency proceedings frequently give rise to disputes, including claim challenges, liability actions, avoidance claims, and labor, competition, criminal, or environmental matters. We represent clients before all courts, combining procedural rigor with strategic foresight. Each case is managed to safeguard your rights while maintaining, whenever possible, the conditions for a comprehensive settlement.

Collective excellence

at the service of the

*highest standards.*

Team

[Laurent Cotret ( Partner )](https://www.august-debouzy.com/en/collaborateur/laurent-cotret/)

[Clément Quernin ( Counsel )](https://www.august-debouzy.com/en/collaborateur/clement-quernin/)

[Mehdi Abdelouahab ( Senior Associate )](https://www.august-debouzy.com/en/collaborateur/mehdi-abdelouahab/)

[Sonia Allouane ( Associate )](https://www.august-debouzy.com/en/collaborateur/sonia-allouane/)

[Ulysse Brasier ( Associate )](https://www.august-debouzy.com/en/collaborateur/ulysse-brasier/)

[Gilles Jaglin ( Associate )](https://www.august-debouzy.com/en/collaborateur/gilles-jaglin/)

[Abel Martin ( Associate )](https://www.august-debouzy.com/en/collaborateur/abel-martin/)

[Aurélien Mittelette ( Associate )](https://www.august-debouzy.com/en/collaborateur/aurelien-mittelette/)

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## Contact Us

## *our*References

Restructuring

#### Football Club – Restructuring

Advised FC Girondins de Bordeaux and its holding company, La Dynamie, in structuring and securing court approval of their financial restructuring plan carried out using the ‘classes de parties affectées’ mechanism.

Restructuring

#### Childcare Services – Safeguard Proceedings

Advised the founders and majority shareholders of People & Baby in safeguard proceedings that resulted in a debt-to-equity conversion of approximately €250 million.

Restructuring

#### Shipping – Debt Renegotiation

Advised Brittany Ferries on its proposed acquisition of control of Condor Ferries, including the renegotiation of the Condor group’s financial indebtedness and securing the consent of Brittany Ferries’ French lending banks.

**Rankings**& Recognitions

m

- (01)Chambers and Partners 2026 Restructuring/Insolvency
- (02)Option Droit & Affaires 2026 – France Restructuring
- (03)Option Droit & Affaires 2026 – France Restructuring

[More distinctions](https://www.august-debouzy.com/en/distinctions/?search_tax-expertise%5B%5D=restructuring)

## *Latest* News

[26/06/26 Deal 2 min August Debouzy advises Aura Aero on the acquisition of VoltAero, accelerating the decarbonization of aviation](https://www.august-debouzy.com/en/deal/august-debouzy-advises-aura-aero-on-the-acquisition-of-voltaero-accelerating-the-decarbonization-of-aviation/)

[02/09/25 Deal 2 min August Debouzy Advises Keller Williams France on the Court Approval of Its Safeguard Plan August Debouzy advised Keller Williams France on the successful court approval of its safeguard plan, enabling the company to restructure €17.8 million in debt and continue its growth in the French real estate market.](https://www.august-debouzy.com/en/deal/august-debouzy-advises-keller-williams-france-on-the-court-approval-of-its-safeguard-plan/)

[24/07/25 Deal 2 min August Debouzy advised the Hôtels de Paris group on its exit from judicial reorganisation proceedings and the approval of its continuation plan The continuation plan for Les Hôtels de Paris was approved by the Paris Commercial Court on 11 July 2025, marking a key milestone in the group’s restructuring process.](https://www.august-debouzy.com/en/deal/august-debouzy-advised-the-hotels-de-paris-group-on-its-exit-from-judicial-reorganisation-proceedings-and-the-approval-of-its-continuation-plan/)

[02/07/25 Deal 3 min August Debouzy Advises Réside Études on Its Comprehensive Restructuring August Debouzy has advised Réside Études Group in connection with its comprehensive restructuring plan, following financial difficulties encountered by sev](https://www.august-debouzy.com/en/deal/august-debouzy-advises-reside-etudes-on-its-comprehensive-restructuring/)

[24/06/25 Deal 3 min August Debouzy Advises FC Girondins de Bordeaux on Landmark Financial Restructuring August Debouzy has advised FC Girondins de Bordeaux and its holding company, La Dynamie, in structuring and securing court approval of their financial rest](https://www.august-debouzy.com/en/deal/august-debouzy-advises-fc-girondins-de-bordeaux-on-landmark-financial-restructuring/)

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## *FAQ*

### (01) When and how should you trigger an amicable restructuring procedure to preserve company value?

Early detection of financial distress signals determines the success of a restructuring. Article L. 611-4 of the French Commercial Code allows conciliation proceedings to be opened when the company faces proven or foreseeable legal, economic or financial difficulties, provided it has not been in a state of cessation of payments for more than forty-five days. The mandat ad hoc, a confidential procedure without publicity, offers full flexibility to negotiate with creditors. We advise directors on diagnosing their situation, choosing the appropriate mechanism and managing negotiations, coordinating financial, legal and operational teams to maximize the chances of success.

### (02) How should you restructure company debt within a preventive procedure or safeguard proceedings?

Debt restructuring requires simultaneous negotiation with creditors whose interests often diverge: banks, bondholders, suppliers, shareholders. Directive (EU) 2019/1023 on preventive restructuring frameworks, transposed into French law by the ordinance of 15 September 2021, introduced simplified judicial restructuring for SMEs and strengthened affected party class mechanisms. We structure restructuring plans, draft intercreditor agreements, manage affected party classes and negotiate with creditors to achieve the best balance between debt write-down, deferral and debt-to-equity conversion.

### (03) How should you manage the employment law dimension of a restructuring and secure employee representative obligations?

Any significant restructuring triggers strict employment law obligations whose breach can result in annulment of decisions and expose the company to significant liability. Article L. 1233-30 of the French Labour Code requires consultation of the social and economic committee (CSE) before any restructuring decision in a company with at least fifty employees. Working with our employment law teams, we assist directors in managing mandatory consultations, negotiating job protection plans (PSEs), structuring support measures and communicating with employee representative bodies.

### (04) How can you protect a distressed company’s strategic assets through a distressed M&A process?

When restructuring cannot preserve the company as a whole, the disposal of strategic assets or business units enables maximum value recovery for creditors. In judicial reorganization proceedings, Article L. 642-1 of the French Commercial Code requires a competitive process for prospective acquirers and court approval. We advise distressed buyers, sellers and judicial representatives on structuring and executing constrained asset disposals: preparing datarooms, managing the sale process, drafting transfer documents and coordinating with the court.

### (05) Why choose August Debouzy as your law firm for restructuring?

Distressed directors, creditors, debt funds, distressed M&A investors and judicial representatives entrust us with their most complex restructuring operations. Our multidisciplinary team covers the full spectrum: preventive procedures (mandat ad hoc, conciliation), collective proceedings (safeguard, judicial reorganization), debt restructuring, employment law, distressed M&A and director liability. Coordination with our financing, M&A, employment law and tax teams ensures a comprehensive, swift and operationally focused approach.