Ashurst has advised Hime-Saur group in relation to its lender-led restructuring and the acquisition of an equity stake in the group by the senior lenders. The transaction closed on 8 October 2013.

The Commercial Court of Versailles gave approval on 26 July 2013 with regard to the two conciliation protocols for Saur and Hime, allowing, notably, the EUR1.8 billion debt restructuring, the provision of EUR200 million of new credit lines and the equity stake to be taken by the senior lenders.

As a longstanding provider of delegated management for environmental services, the Saur group supports local authorities and industrial companies in the implementation of water-related, environmental services, engineering, infrastructure services, leisure and general maintenance services projects. The group generated EUR1.7 billion of total net revenue in 2012 and has 13,000 employees in France and internationally.

Ashurst, as the Saur's legal advisor, has once again contributed to the success of a lender-led operation. The Paris team comprised partner Jean-Pierre Farges (restructuring and special situations), partner Laurent Mabilat (international finance) and senior associate Stéphanie Vannier Corbière (international finance). Partners Bertrand Delaunay and Julien Bacus also advised on corporate law and on securities and derivatives respectively.

The senior lenders were advised by Clifford Chance and Paul Hastings.
The shareholders were advised by Freshfields, Brémond, Bredin Prat, Orrick Rambaud Martel, and Weil Gotshal & Manges.
The junior creditors were advised by Marc Santoni and by Allen & Overy.