Paul Hastings Advises TR Services in Connection with its Bankruptcy Reorganization
Paris, France - Paul Hastings, a leading global law firm, announced today that the firm is representing TR Services in connection with the opening of a bankruptcy reorganization proceeding by order entered by the Tribunal de Commerce (Commercial Court) of Meaux.
Traded on NYSE Alternext, Groupe TR Services is an integrator and operator of IT services, with 350 employees throughout France and more than 3000 clients.
The Court appointed Mr. Benjamin Cardon as trustee (“administrateur judiciaire”) to assist management in finding a solution that will make it possible to ensure a soundly profitable future for the Company. Artelcom, a subsidiary of TR Services filed a petition the same day to open a safeguard proceeding (“procédure de sauvegarde”), which was granted.
The sixth month observation period applicable to TR Services will be used to undertake an operational reorganization of the Company to enable it to stay its business in a secure legal environment and continue negotiations with public and private sector investors to enable it to stay in business.
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.