November.17.2011
Paris - Orrick recently represented the leading French turnaround fund Caravelle in a successful and highly competitive bid to acquire the Mory Group's mail business, which represented 75 percent of Mory Group's €650 million revenue in 2010.
One of the most notable bankruptcy asset deals in France in recent years, the transaction significantly strengthens and consolidates Caravelle's current stake in the domestic and international mail and express mail markets. Caravelle is the parent company of French parcel delivery network Ducros Express, which it acquired in 2010 from DHL-Express.
Drawing on a multidisciplinary team made up of restructuring and competition lawyers, Orrick completed this complex transaction on only two months.
The offer, which consisted of the acquisition of a major stake in Mory's business and assets, including shares owned in numerous non-solvent subsidiaries in France and Europe, was selected by the Court over numerous challengers. The transaction will be financed both in equity (€20 million) and debt (€30 million bonds).
The lead partners on this deal were Saam Golshani and Philippe Hameau.