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France – Partouche hopes for ten year repayment plan

By - 17 December 2013

French operator Groupe Partouche is hoping its creditors will allow it to spread its debt over a ten-year repayment plan as it struggles to remain solvent.

France’s number two operator with 49 casinos saw its Gross Gaming Revenue for the financial year ending October 31 fall by 3.2 per cent to €436m.

It has to repay more than €230m in debt within two years or face an overwhelming maturity and an increase of €175m by 2015.

US investment fund Oaktree is the operator’s biggest creditor. The courts gave Partouche, who employs some 5,200 people, the option of waiving its debt repayments for six months from September 2013 giving it time to build a plan with its creditors to pay off its debt. Partouche is hoping to extend its debt over ten years with an average maturity of €23m per year.

If Oaktree rejects the offer, Partouche is likely to turn to the courts again, where with 1000s of jobs at stake, it would likely rule to spread the debt rather than place the company in receivership.

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