With a view to securing the ability of French interior design retail chain Maisons du Monde to continue as a going concern, an agreement between a consortium of new investors - comprising the two London-based investment firms Alteri Investors and Eicos Investment Group - and the banks representing the company was signed on 18 June. Finalisation of the refinancing agreement reached within the scope of the conciliation proceedings ongoing since January remains subject to approval by the commercial court in Nantes as well as the fulfilment of certain conditions. The plans have already been approved by the Maisons du Monde board of directors.
The agreement includes, for example, the provision of €45.7m in fresh capital by Alteri and Eicos, consisting of €33m in bond financing and the assumption of bank debts of at least €12.7m. Furthermore, there are plans to take on existing liabilities totalling €210.8m, which are subsequently to be converted into equity capital. The aim of the planned debt restructuring is to strengthen the equity base and reduce indebtedness.
