Luc Besson’s embattled EuropaCorp has reportedly spurned an acquisition offer from French giant Pathé, turning instead to U.S.-based Vine Alternative Investments. According to French weekly paper L…
, a rescue deal between Europa and Vine was hatched on July 3 in the office of the French judicial administrator. Details are scarce and any accord would still need to be validated by the Commercial Court of Bobigny which in May granted Europa a six-month debt waiver to give it time to balance the books. As of March 31, the company’s net debt stood at $181M. Deadline has reached out for comment.
Vine and Europa have existing ties under a credit line provided by the former. A recovery plan has yet to be revealed, although local media has speculated that Vine could convert Europa’s debt into capital shares and that the asset manager would appear sufficiently solid to satisfy lenders.
was a costly misfire. Not helped by misconduct allegations — which Besson denied, and a police investigation dismissed earlier this year — EuropaCorp has been looking for new backing.for the 2018-19 financial year, including a loss of $125M, which was a 27% increase year-on-year.
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