Vivarte receives offer from CVC
Vivarte, the French multi-brand fashion retailer with a EUR 2.8bn debt, is understood to have received an offer from the private equity house CVC, French daily Les Echos reported. The report cited several sources as saying that the creditor’s coordination committee of Vivarte (cocom) was expected to meet this week with the three parties that submitted an offer for the business.
According to the report, there are three potential buyers for the group, including a joint offer from minor creditors’ hedge funds Angelo Gordon and Avenue Capital, another from CVC, and a consortium led by Oaktree, a significant Vivarte creditor and including Golden Tree Asset Management, Alcentra, Canyon Capital, and ICG.
The report went on to say that the management of Vivarte is asking creditors to cancel about 1.8bn of debt, as well as injecting EUR 500m of new money. The report noted that the potential buyers would have to get the agreement from the creditors, which number 150.
Source Les Echos