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Financial Crisis and the downturn 2009

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Award levelCommended
InnovationFrance’s first pre-pack arrangement
Originality6
Rationale6
Impact5
Total17
DescriptionIn Towerbrook's purchase of nearly insolvent Autodistribution Group, gaining unanimous shareholder consent was unfeasible. A pre-pack arrangement agreed restructuring with two-thirds of the lenders and was imposed on the remainder using France's safeguard law