Vivarte Names Richard Simonin as CEO After Debt RestructuringJulie Miecamp
Vivarte SAS said Richard Simonin is the fashion retailer’s new chief executive officer and chairman after the completion of a debt restructuring.
Simonin, who was previously executive chairman of Italian retailer Limoni SpA and joined Vivarte last month, replaces Marc Lelandais, according to a statement.
The management change follows a transfer of ownership to creditors as part of a 2.8 billion-euro ($3.5 billion) restructuring. More than 100 lenders agreed to cancel 2 billion euros of debt in exchange for control of the group and a majority agreed to provide a new 500 million-euro credit facility, Vivarte said in the statement.
Alcentra Ltd., Babson Capital Management LLC, Goldentree Asset Management LLC and Oaktree Capital Group LLC are among lenders that now own the company and are represented on its board, according to the statement.
Vivarte started restructuring talks in February after failing to persuade lenders to waive loan covenants capping its ratio of debt to earnings. The company, founded in 1896 to sell “elegant but affordable shoes,” was bought by London-based Charterhouse Capital Partners LLP in 2007 in a buyout financed with 3.4 billion euros of loans.