As part of the deal, Saur’s shareholders including French government’s Strategic Investment Fund, AXA Private Equity and Cube have agreed to have their investments almost completely written off, said the FT.
Saur’s interest payments will be reduced by two thirds to €30m per year.
Jean-Pierre Rodier, who was appointed as supervisory board chairman, said, “Saur Group is embarking on a new era. I have every confidence in Saur’s potential and people and I am delighted to be taking on the role of supervisory board chairman.
“Working closely with (executive chairman) Olivier Brousse, we will ensure the success of this refinancing plan so as to put Saur on a path of profitable growth.”
Last month AXA’s sweetened offer for Club Med secured the approval of the holiday group’s board.
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