Latham & Watkins Advises Colisée Group on Its Financial Restructuring
Latham & Watkins has advised Colisée Group, Europe’s fourth-largest elderly care provider, which serves approximately 32,000 residents across 400 locations and employs over 22,000 employees, in its financial restructuring. The Group has reached an agreement in principle, endorsed by nearly all its TLB and RCF senior creditors, to secure new financing of approximately €285 million, significantly reduce its net debt, and extend the maturity of its senior debt to the latter half of 2031. Additionally, banks have demonstrated their confidence in the Group by agreeing to renew the bilateral lines and banking facilities extended to the Group's operating companies.
This transaction involves converting a substantial portion of the company's senior debt amounting to €680 million, and results in a change in the shareholder structure. The lenders, who have agreed to convert their debt into capital, will become the new shareholders, a new supervisory board being set up to ensure the stability of governance.
Completion of this consensual financial restructuring — through the implementation of the ratified agreements in principle — is anticipated for April 2026. This will follow accelerated safeguard proceedings, requested to commence on December 8, 2025, designed to ensure the legal and technical implementation of the restructuring, alongside conciliation procedures to facilitate the bilateral debt restructuring.
Latham has supported and will continue to support Colisée Group at every stage of this process.
The Latham team was led from Paris by Restructuring & Special Situations partners Alexandra Bigot and Thomas Doyen, with London Restructuring & Special Situations partners Bruce Bell and Jack Isaacs, Paris associates Hugo Bodkin, Lucas Lo Cascio, and Noufissa Bennis Nechba, and London associate Mustafa Rehman. Advice was also provided on finance matters by London partner Dominic Newcomb, with Paris partner Lionel Dechmann, London counsel Julia Stapelfeld, Paris counsel Aurélie Buchinet, London associates Tamryn Gallagher, Yuecheng (Liam) Feng, Corrie Eames, Vanessa Ho, and George Stamp, and Paris associates Aurélien Lorenzi and Hugo Rivière; on capital markets matters by London partner Jennifer Engelhardt, with Paris partner Roberto Reyes Gaskin, and London associate Alex Despotovic; on corporate matters by Paris partner Simon Lange, with Paris associates Juliette Gilioli and Floriane Ying; on tax matters by Paris partner Estelle Philippi, with Paris associates Jean-Baptiste Bourbier and Margot Legent; and on healthcare and life sciences regulatory matters by Paris partner Eveline Van Keymeulen, with Paris associate Grégoire Paquet.