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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Bordeaux have filed for bankruptcy just days after they were relegated to the third tier of French football after Liverpool soccer club’s owner withdrew from takeover talks, the former Ligue 1 club said on Thursday, Reuters reported. Earlier this month the six-times French champions were demoted from Ligue 2 by the National Directorate of Management Control due to financial concerns. Once Liverpool’s owner, Fenway Sports Group, pulled out from takeover talks, it effectively ended the club's survival hopes.
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Embattled French IT company Atos SE has appointed its sixth chief executive officer in less than three years, as the group moves ahead with its creditors’ restructuring plan, Bloomberg News reported. Atos Chairman Jean-Pierre Mustier will take over as CEO from Paul Saleh to steer the company through the final stages of the bailout agreement, the company said in a statement on Wednesday. He will remain chairman of Atos’ board.
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Atos agreed to 1.675 billion euros ($1.83 billion) of financing as part of its restructuring plan, backed by a group of banks and bondholders, WSJ Pro Bankruptcy reported. The French IT firm said on Monday that interim financing of EUR800 million is secured, providing the liquidity necessary to fund the business until close of the financial restructuring plan, and that EUR450 million is already accessible by the company.
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