There are numerous key players in the French market which have managed to overcome financial distress to a certain degree by implementing short term amendments and extensions to their debt but which are still in need of genuine, full-scale restructuring rather than short term solutions.
Partly as a result of French insolvency legislation and the fact that France has always been perceived as a pro-debtor jurisdiction where it was accepted that short-term, debtor friendly solutions would win the day, it has not always been possible to implement more robust, longer term arrangements. However due to key insolvency reforms, further details of which are set out in this document and prevailing commercial realities, there has now been a shift in favour of consensual solutions which advance the position of creditors rather than depriving them of value.
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