Paul Hastings Advises Attestor Capital in Restructuring of SAUR

July 29, 2013

Paris, France– Paul Hastings LLP, a leading global firm, has advised the investment fund Attestor Capital in connection with the restructuring of leading French water company SAUR (Société d’Aménagement Urbain et Rural) and its holding company HIME, and the assumption of control of the companies by their senior lenders through a lenders-led restructuring.

The Tribunal de Commerce (Commercial Court) of Versailles approved the refinancing and restructuring agreements of SAUR and HIME on 26 July, providing for a restructuring of the companies’ debt amounting to €1.8 billion, bringing it down to €900 million, the provision of new lines of credit amounting to €200 million, and the assumption of control of HIME and SAUR by their senior lenders.

Attestor Capital, one of SAUR’s principal creditors and now a shareholder, was a major contributor to the success of one of the few and most significant LBO restructurings completed to date in France.

SAUR is a major French water company with revenue of €1.7 billion and 13,000 employees, providing water and sanitation services to 5.5 million people in more than 6,700 municipalities and municipal associations.

Restructuring partner Lionel Spizzichino and associate Audrey Nelson led the Paul Hastings team, which also included Financing partners Mounir Letayf and Karl Clowry, Corporate partner Edith Boucaya and associates Camille Bakouch and George Weston.

Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.