The Marseille Commercial Court has approved the accelerated safeguard plans of Société Phocéenne de Participation (SPP), parent company of the Bourbon Group, which specialises in maritime services for the oil and gas offshore sector. This decision allows the group to finalise a major financial restructuring, significantly reducing its debt level to less than 1.5 times its earnings before interest, tax, depreciation and amortisation (Ebitda).
A plan backed by creditors and shareholders
The court’s approval is based on broad support from the group’s creditors, who hold a significant portion of its financial debt. Existing shareholders also backed the plan, facilitating its approval. The procedure enables the injection of new financing, referred to as “New Money”, aimed at strengthening Bourbon’s financial structure.
The approved plans are part of a broader strategy initiated by the group and its partners to ensure long-term viability. The stated objective is to adopt a solid financial structure suited to the continuation of its activities in a shifting market environment.
Shareholder transition expected by end of 2025
Investment funds Davidson Kempner Capital Management and Fortress Investment Group, already involved in the construction of the plan, are set to become the group’s new reference shareholders. Their entry into the capital is expected following the final legal and financial steps, scheduled to be completed by the end of 2025.
The accelerated safeguard procedure, which remains essentially technical in nature, has had no operational impact on the group’s subsidiaries. It mainly aims to legally frame the shareholder transition and the provision of new funding in a secure framework.
A restructuring focused on financial stability
With this approval, Bourbon enters the final phase of the plan’s implementation, including the deployment of standard legal operations. These are expected to conclude before the end of the year, without any disruption to the group’s activities or changes to its commercial commitments.
“The court’s decision is a key milestone in securing the group’s future,” said a source close to the case, quoted by Les Échos on July 19.
