Vivarte receives interest from Angelo Gordon and Avenue Capital, Oaktree also preparing offer
Vivarte, the French retailer, has received interest from minor creditors hedge funds Angelo Gordon and Avenue Capital which are prepared to invest EUR 450m in the troubled group.
The French daily Les Echos reported this information, citing unspecified sources. The report added the two potential bidders made their offer conditional to the other creditors (around 100) prepared to erase their claims of a total EUR 1.6bn. An unnamed party close to the offer said this is more of a refinancing deal than a takeover deal.
Additionally, Oaktree, a significant Vivarte creditor, and another unnamed investment fund are preparing offers, the report added, giving no more details.
Vivarte would not comment on the news when contacted, the French daily noted.
Source Les Echos