A court in Marseille has ruled that a group of French banks will take over the assets of the once mighty OSV operator, Bourbon Corporation.
The company has been in a protracted court restructuring for many months.
As of January 2, the firm’s assets will be transferred to a group of creditor banks comprising BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France, CM-CIC Investissement SCR, Crédit Lyonnais, Natixis and Société Générale. This grouping owns about 75% of Bourbon’s debt.
SPP’s offer proposes to acquire 100% of the assets of Bourbon Corporation and to convert into equity capital a total of 1.7 billion euros worth of debt and liabilities.
The operation will lead to the liquidation of the company and a total loss for its shareholders and bondholders, the company said earlier.