Jeantet advised Equitis Gestion on the implementation of a trust solution (fiducie-gestion) allowing the restructuring of Cybergun’s debt

 

Paris, April 17, 2020 – Jeantet advised Equitis Gestion, an AMF-accredited management company, as trustee, in connection with the implementation of a trust solution (fiducie-gestion) allowing the restructuring of the debt of Cybergun, a company specialized in the development and marketing of airsoft replica weapons. The total amount of Cybergun’s debt that was to be restructured (the bond debt but also other financial debts) amounted to approximately €12 million (nominal + interest already due and to be paid at maturity).

The trust must allow the restructuring of this debt, in particular through the gradual conversion of these debts into shares, whose proceeds would be used to reimburse the creditors who have adhered to the trust (a process known as “equitization” carried out through the exercise of share subscription warrants by the trust by way of set-off against a portion of the receivable held by the trust on Cybergun).

The set-up of a trust was part of the accelerated financial safeguard plan approved by the Commercial Court of Nanterre on February 10, 2020, in favour of Cybergun.

Under the plan, creditors had one month to choose between an Option 1 allowing 100% of their receivable to be actually reimbursed from time to time by the trust, and an Option 2 allowing immediate reimbursement of 30% of their receivable.

More precisely, Option 1 consisted in creditors transferring their receivables to a trust and becoming a constituting party and a beneficiary of the trust. From an economic point of view, the receivables would be “converted” over time into shares that would immediately be sold on the market. The net proceeds from the sale of the shares will be returned to these beneficiaries pro rata to the receivables they transferred to the trust. In addition, creditors who have chosen Option 1 will receive listed warrants.

Option 2, on the other hand, consisted in creditors receiving an immediate cash payment from Cybergun corresponding to the reimbursement of 30% of their receivables and receiving other types of listed warrants.

Participation to the trust has been very successful, as at the end of the election period between Option 1 and Option 2, which expired early April 2020, more than 52% of the total amount of debt to be restructured has been contributed to Option 1.

The reimbursement of the creditors who chose Option 2 (up to 30%) and the allocation of the different categories of warrants to the creditors were completed mid-April 2020. The equitization of the receivables transferred by the creditors who chose Option 1 will begin on December 1, 2020.

Solve (Hélène Charpentier) acted as administrative receiver.

Cybergun was advised by PLM Avocats (Patricia Le Marchand and Morgane Michel) on the restructuring aspects, and by Delsol (Henri-Louis Delsol and Vincent Guevenoux) on the corporate and capital markets aspects.

Europe Offering (Sebastien Tetard, Maxime Baudry and Quentin Hatziraptis) was in charge of the assistance in the set-up of the trust.

Jeantet (legal counsel of Equitis Gestion): Cyril Deniaud (Partner, Capital Markets), Claire Coquard (Associate, Capital Markets), Jean-Guillaume Follorou (Partner, Tax Law) and François-Xavier Simeoni (Associate, Tax Law).

Our last press releases

Jeantet advises 2CRSi in the context of its share capital increase by way of private placement with a public offering aimed at retail investors (via the Primarybid platform) for a total amount of €12 million

Paris, March 20, 2024 – Jeantet advised 2CRSi in the context of its share capital increase by way of private placement to qualified investors with a public offering aimed at retail investors via the PrimaryBid platform on Euronext Growth Paris, for a total amount of €12 million. The total demand for the transaction amounted to […]

Paris | CAPITAL MARKETS AND STOCK EXCHANGE LAW

+

Jeantet advises ENERTIME in the context of its share capital increase without preferential subscription rights by way of a public offering and with a priority period for its existing shareholders on Euronext Growth Paris

Paris, March 8, 2024 – Jeantet advised Enertime in the context of its share capital increase without preferential subscription rights of the shareholders by way of a public offering and with a priority period, on an irreducible and reducible basis, for its shareholders and of a global placement on Euronext Growth Paris, for a total […]

Paris | CAPITAL MARKETS AND STOCK EXCHANGE LAW

+

Jeantet advised JUNGBUNZLAUER group in the context of the acquisition of ALLIANCE GUMS & INDUSTRIES from ROQUETTE group

Paris, 1 March 2024 – Jeantet advised Jungbunzlauer group on the acquisition of Alliance Gums & Industries from Roquette Ventures, part of the Roquette group. On February 29, 2024, Jungbunzlauer group completed the acquisition of Alliance Gums & Industries from Roquette Ventures, part of the Roquette group. Alliance Gums & Industries is an expert blending […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advised MOBILITY TRADER HOLDING in the context of the sale of CARIZY to COFIDIS GROUP

Paris, 2 February 2024 – Jeantet advised Mobility Trader Holding GmbH, the parent company of the heycar group (Berlin, Germany), held by the Volkswagen, Allianz and Renault groups on the sale of Carizy SAS to the Cofidis group. On January 31, 2024, Mobility Trader Holding GmbH, the parent company of the heycar group (Berlin Germany), […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advises SWEN CAPITAL PARTNERS on its investment in LANGA INTERNATIONAL in connection with a 85 million euros capital increase

Paris, 29 January 2024 – JEANTET advises SWEN Capital Partners on its investment in LANGA INTERNATIONAL, an independent developer and producer of renewable electricity in France and internationally. JEANTET assists SWEN Capital Partners (via SWIFT 2 – SWEN Impact Fund for Transition 2) in this second round of funding, alongside Bpifrance and RGREEN INVEST, historical […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advises HEEX TECHNOLOGIES on its EUR 6 million fundraising round

Paris, 19 January 2024 – Founded in 2019 by Bruno Mendes Da Silva and Arnaud de La Fortelle, Heex Technologies is a French start-up which is committed to support and accelerate the development of artificial intelligence, while reducing its environmental impact, with the “Smart Data” technology it has developed. After proving itself in the mobility […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advised EB-SIM in the context of the acquisition of three wind parks from Volkswind, a subsidiary of the Swiss energy company Axpo

Paris, 3 January 2024 – Jeantet advised EB Sustainable Investment Management GmbH on the acquisition of a portfolio of three operating wind farms with a total nominal capacity of 72 MW from Volkswind GmbH, a subsidiary of the Swiss energy company Axpo. On December 15, 2023, Volkswind GmbH, German subsidiary of the Swiss energy company […]

Paris | CORPORATE – M&A – PRIVATE EQUITY | ENERGY

+

Jeantet advises SII Goes On and Société pour l’Informatique Industrielle (SII) in the context of the proposed simplified tender offer for SII shares to be launched by SII Goes On

Paris, 15 December 2023 – Jeantet advises Société pour l’Informatique Industrielle (SII), a leading international group in engineering, technology consulting and digital services, listed on Euronext Paris, with a sales turnover of one billion euros during its last financial year, and SII Goes On, a company created for the purposes of the transaction and controlled […]

Paris | CAPITAL MARKETS AND STOCK EXCHANGE LAW

+

Jeantet advises Quandela in its EUR 50 million fundraising

Jeantet advises Quandela, an European leader in quantum photonics, co-founded by Niccolo Somachi, Valérian Giesz and Pascale Senellart-Mardon, in its EUR 50 million fundraising. At the end of 2022, Quandela became the first player in the European Union, and one of the few worldwide, to make quantum computers accessible via the cloud, with the acquisition […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advised Equinox Industries in the acquisition of Clear Channel France

Paris, 7 November 2023 – Jeantet advised Equinox Industries, industrial French holding, in the acquisition of Clear Channel France, the second largest advertising operator in France. After several months of exclusive negotiations and an information and consultation process that culminated in a positive opinion from the works council of Clear Channel France (CCF), Equinox Industries, […]

| CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet advised Komax in the acquisition of Alcava, Lintech, Malintech and Tulintech

Paris, 18 October 2023 – Jeantet advised Komax in the acquisition of Alcava SAS including Lintech in France, Malintech in Morrocco and Tulintech in Tunisia. Komax is a listed Swiss company specialized in the industrial equipment sector, and market and technology leader in automated cable handling solutions. The cross-border transaction involved the acquisition of Alcava […]

Paris | CORPORATE – M&A – PRIVATE EQUITY

+

Jeantet takes on the criminal business world with the arrival of Philippe Bouchez El Ghozi

Paris, Thursday September 14, 2023, Jeantet is delighted to announce the arrival of Philippe Bouchez El Ghozi and his team as partners to strengthen the commercial litigation practice, and in particular the criminal business law, compliance and internal investigations practice. With this arrival, Jeantet now has 35 partners and intends to continue its growth. This […]

+