NextiraOne France sells assets to Butler Industries in pre-packaged sale
Clients NextiraOne France
Jones Day advised NextiraOne France, a leading expert in communication services with approximately 1,400 employees, on the sale of its business and assets to Butler Industries. On June 22, 2015, the commercial court of Paris approved Butler Industries's purchase offer. The approval came just three weeks after the opening of the reorganization proceedings of NextiraOne France and represents the first implementation of the new 2014 regime for pre-packaged insolvency sales for a large business in France. The French pre-pack cession enables a financially distressed insolvent debtor to plan for the sale of its business and assets when it is in an "amicable procedure" in advance of entering into a formal insolvency proceeding and which can then be quickly implemented once the insolvency proceeding is under way. Jones Day advised NextiraOne during the "amicable procedure" phase and during the formal insolvency phase.