Further to its press release, 12 June 2017, Sequana provides the following details relating to the execution of the safeguard plan as approved by the court of commerce on June 12, 2017 :
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The judgment of the commercial court of Nanterre has mainly that :
the operating expenses prior to the opening of the backup will be paid in cash in a single term to maturity within 3 months following the order of the plan ;
refunds of preferential debts arising from loans granted by Bpifrance Participations and Impala Security Solutions BV November 6, 2017 will be made in accordance with the terms and conditions described in the statement of the regulated agreements contained in the reference document for 2016 filed under no. 17?0469 April 28, 2017 with the financial markets Authority and in the notice of meeting issued to the shareholders meeting of June 6, 2017, either, given the admission of the shares Antalis International negotiations on the regulated market of Euronext Paris since June 12, 2017, to the tune of 45 % of accounts receivable, in the 3 months of the order of the plan in shares Antalis International on the basis of the weighted average trading price of the volumes of the action Antalis International on the Paris stock exchange over the 5 trading days preceding the date of the transfer, minus a discount of 2 %, and at the height of the balance, or 55% debt, 10% annual progressive (years 1 and 2 : 1 %, years 3 and 4 : 5 %, years 5 to 8 : 14 % and years 9 and 10 : 16 %) ;
refunds of prior claims of the tax bodies and social will be settled in cash by 5 instalments of 20 % each ;
other creditors, including those who refused the plan, or who has made a conditioned response, including the claims which are the subject of an ongoing proceeding, will be refunded their debt permanently accepted in 10% annual progressive (years 1 and 2 : 1 %, years 3 and 4 : 5 %, years 5 to 8 : 14 % and years 9 and 10 : 16 %), it being specified that in the case of pending proceedings, the payment will be made only after the final admission of the debt ;
the payment of the first deadlines in cash, except when it is otherwise specified, will take place a year after the order of the plan ;
the payments of the debts covered by the plan will occur through the commissioners for the execution of the plan, SELARL FHB in the person of Me Bourbouloux and the SELARL C. Basse in the person of Me Low ;
the duration of the plan is fixed at 10 years ;
within six months of the final decision rendered in England in the proceedings brought by the company to companies, BAT Industries plc BTI 2014 LLP, Sequana, or one of the co-commissioners for the execution of the plan will seize the tribunal of a request to seek modification of the plan for the purposes of adapting to the consequences of the decision.
The liabilities retained by the court, excluding guarantees given by Sequana, claims judged to be without merit and claims disputed or subject to a pending proceeding, amounted to 65 million euros, of which receivables intra-group to the tune of € 35 million and receivables of Bpifrance Participations and Impala Security Solutions BV amounting to 25.6 million euros, and the court found that the elements provided by Sequana were of a nature to enable it to meet its obligations.
The backup plan thus adopted by the tribunal and providing for a deferral of the main obligations of Sequana over a period of ten years will allow Sequana and its subsidiaries Arjowiggins and Antalis International, to continue their activities in the best conditions while enjoying the financial means and the confidence of their partners, customers and vendors and give to Sequana the means of procuring the financial resources necessary for the conduct of its operations and the fulfilment of its obligations, as announced at the opening of the backup.
Sequana (Euronext Paris : SEQ), a major player in the paper sector, holds leading positions in each of its two businesses :
Antalis : n°1 distribution of papers and packaging products in Europe. Present in 43 countries, Antalis employs approximately 5 600 employees.
Arjowiggins : world producer of recycled paper and specialty, the company employs approximately 2 800 persons.
With 8 500 employees in the world, Sequana has achieved a turnover of 3 billion euros in 2016.
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