France: Financial Restructuring of Pierre & Vacances-Center Parcs Group Successfully Completed

Thanks to a comprehensive financing and restructuring program, which included investments worth millions of euros despite a pandemic-related drop in sales, the French Pierre & Vacances-Center Parcs Group can emerge from the crisis stronger than before. Accordingly, the capital increase process initiated in spring 2021 has been successfully completed – around 200 million euros in equity were injected. In addition, the group was able to settle a large part of its debts; the debt reduction took the form of a conversion of 550 million euros into equity. In addition, among other things, 42,321,972 warrants to subscribe for the company’s shares were issued and freely allocated. As part of the restructuring measures, the company’s Board of Directors was also completely renewed. The new Chairman of the Board is Georges Sampeur, who thus follows in the footsteps of company founder Gérard Brémond. Franck Gervais’ position as CEO of the group was also extended for an indefinite period.

Georges Sampeur on this new position: “I am extremely honoured to succeed Gérard Brémond as Chairman of the Board of Directors of the Pierre & Vacances-Center Parcs Group.” With the renewed management, the group now has the necessary resources to implement its strategic transformation plan “Reinvention 2025”. The General Meeting scheduled for 30 September 2022 will formally conclude the restructuring process. (eap)