Iam pleased to share with you the article “Secured claims in French #restructurings: lessons from the 2021 reforms and recent large case precedents” I published in the November 2024 edition of Butterworths Journal of International banking and Financial Law.

In this article, I consider the treatment of secured creditors in restructurings after the French September 2021 reform which transposed Directive (EU) 2019/1023 of 20 June 2019 on restructuring and insolvency, modernized security law and its relationship with insolvency proceedings.

It in particular shows that

• in coercive proceedings, there are #five layers of security Interests that receive varying In coercive proceedings, there are five layers of security interest that receive varying treatment in terms of their enforceability.

• Some secured claims fall outside the restructuring plan and classes of affected parties because the related security asset does not form part of the debtor’s estate or is immediately enforceable.

• Precedents from recent major cases such as Pierre et Vacances, Casino, and Orpea which are legally excluded from the scope of the restructuring plan are nevertheless sometimes made subject to the plan on a voluntary basis when economic factors dictate. I hope you will find it of interest in relation with the structuring of asset based financing transactions involving French assets or entities and as the case may be distressed scenarios,