Vivarte Agrees to $3.8 Billion Restructuring With 12 Lenders

Vivarte SAS, the French retailer in talks to restructure 2.8 billion euros ($3.8 billion) of loans, reached a deal with lenders controlling more than 50 percent of the debt.

Alcentra Ltd., Babson Capital Management LLC, and Oaktree Capital Group LLC are among 12 lenders backing a proposal to reduce the company’s debt to 800 million euros and convert the remainder into equity, according to an e-mailed statement from Paris-based Vivarte. The plan, which will be voted on by the retailer’s 170 creditors, requires a cash injection of 500 million euros into the business.