CMS Bureau Francis Lefebvre acted as tax advisor to the Petroplus Group in the negotiation of a settlement agreement with the banks and employees (mainly at the Petit-Couronne facility)
CMS Bureau Francis Lefebvre advised Switzerland-based Petroplus Marketing AG on the negotiation and tax implications of the settlement agreement signed on Friday, 13 April with the French State, the creditor banks and employee representatives. The agreement concerned the allocation of the proceeds from the sale of oil inventories held in France that had remained the property of Petroplus Marketing AG.
For this transaction, Petroplus Marketing AG’s tax advisors were CMS BFL Francis Lefebvre (Michel Collet, International Tax Partner, and Philippe Grousset, Tax Partner). Its legal advisors were BMH Avocats (Anja Droege Gagnier, M&A/Restructuring Partner, who also advised the Petroplus Group's Swiss directors). The Petroplus companies in France, their directors and court-appointed administrators were advised by Weil, Gothshal & Manges (Philippe Druon, Partner and Co-Chair of the Business Finance & Restructuring Practice, and David Malamed, Corporate Law Partner). The employees were advised by Sekry Valentin Zerrouk (Jean-Marie Valentin, Partner). The creditor banks were advised by Linklaters (Olivier Jeauffret, Banking Law Partner, and Aymar de Mauléon de Bruyère, Partner).
CMS Bureau Francis Lefebvre also acted as tax advisor for the two trusts set up to sell the oil inventories and allocate the proceeds between the employees, the banks and Petroplus Marketing AG.
Michel Collet, Partner at CMS Bureau Francis Lefebvre, noted, “The parties didn’t let themselves be distracted by the complexity of the matter, the amounts involved or the high stakes for employees. While assertively defending their interests, they remained focused on the absolute need to reach an agreement.”
Anja Droege Gagnier, M&A/Restructuring Partner at BMH Avocats, added, “It took over two months of painstaking and sometimes tense negotiations, frequently covering complex and innovative legal issues, before the parties abandoned their adversarial stance and accepted the need for a realistic and reasonable agreement in view of the high financial and human stakes."
For further information, please contact: