{"id":9066,"date":"2017-04-28T14:50:24","date_gmt":"2017-04-28T12:50:24","guid":{"rendered":"https:\/\/droitetcroissance.fr\/?p=9066"},"modified":"2019-09-04T08:58:08","modified_gmt":"2019-09-04T06:58:08","slug":"restructuration-obligataire-et-recapitalisation","status":"publish","type":"post","link":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/","title":{"rendered":"Restructuration obligataire et recapitalisation"},"content":{"rendered":"[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;5938&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; image_link=&#8221;https:\/\/fr.slideshare.net\/droitetcroissance\/v2-droit-croissance-restructuration-et-recapitalisation&#8221; link_target=&#8221;_blank&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block title=&#8221;Restructuration de dette obligataire&#8221; pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;]\n<h4>Recapitalisation de la derni\u00e8re chance et interventionnisme \u00e9tatique<\/h4>\n<p><span style=\"color: #808080;\">Par Sophie Vermeille &#8211; 23 avril 2017<\/span><\/p>\n<p>Un certain nombre d\u2019entreprises cot\u00e9es fran\u00e7aises en grande difficult\u00e9 financi\u00e8re ont r\u00e9cemment proc\u00e9d\u00e9 \u00e0 des augmentations de capital, dites \u00ab\u00a0de la derni\u00e8re chance\u00a0\u00bb, pr\u00e9sent\u00e9es comme indispensables pour leur survie. L\u2019\u00c9tat a particip\u00e9 \u00e0 un grand nombre de ces op\u00e9rations. Sauf \u00e0 ce que les cr\u00e9anciers ne fassent des concessions suffisantes au profit des actionnaires, il existe un risque \u00e9lev\u00e9 que ces augmentations de capital op\u00e8rent un transfert de richesse entre, d\u2019une part, les actionnaires, qui y souscrivent et, d\u2019autre part, les cr\u00e9anciers qui voient, gr\u00e2ce \u00e0 cet apport en fonds propres, le risque de d\u00e9faut s\u2019\u00e9loigner. L\u2019\u00e9tude des augmentations de la derni\u00e8re chance r\u00e9alis\u00e9es en France depuis 2009 met en \u00e9vidence un faible nombre de concessions, toutes entreprises confondues, laissant supposer, dans certains cas, un transfert de richesse av\u00e9r\u00e9.<\/p>\n<p><a href=\"https:\/\/fr.slideshare.net\/droitetcroissance\/v2-droit-croissance-restructuration-et-recapitalisation\" target=\"_blank\" rel=\"noopener noreferrer\">&gt;&gt;&gt; voir la pr\u00e9sentation en fran\u00e7ais<\/a><\/p>\n<p><span style=\"font-weight: 400;\">L\u2019objet de cet article est d\u2019expliciter les raisons qui conduisent au succ\u00e8s de ces op\u00e9rations et de proposer des pistes d\u2019am\u00e9lioration du droit pour permettre une meilleure restructuration des grandes entreprises en difficult\u00e9.<\/span><\/p>\n<p><a href=\"https:\/\/www.slideshare.net\/droitetcroissance\/bond-workouts-distressed-equity-offering-state-interventionism\">&gt;&gt;&gt; voir la pr\u00e9sentation en anglais<\/a><\/p>\n[\/spb_text_block] [\/spb_column]\n","protected":false},"excerpt":{"rendered":"<p>[spb_column width=&#8221;1\/3&#8243; el_position=&#8221;first&#8221;] [spb_single_image image=&#8221;5938&#8243; image_size=&#8221;full&#8221; frame=&#8221;noframe&#8221; intro_animation=&#8221;none&#8221; full_width=&#8221;no&#8221; lightbox=&#8221;yes&#8221; image_link=&#8221;https:\/\/fr.slideshare.net\/droitetcroissance\/v2-droit-croissance-restructuration-et-recapitalisation&#8221; link_target=&#8221;_blank&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] [\/spb_column] [spb_column width=&#8221;2\/3&#8243; el_position=&#8221;last&#8221;] [spb_text_block title=&#8221;Restructuration de dette obligataire&#8221; pb_margin_bottom=&#8221;no&#8221; pb_border_bottom=&#8221;no&#8221; width=&#8221;1\/1&#8243; el_position=&#8221;first last&#8221;] Recapitalisation de la derni\u00e8re chance et interventionnisme \u00e9tatique Par Sophie Vermeille &#8211; 23 avril 2017 Un certain nombre d\u2019entreprises cot\u00e9es fran\u00e7aises en grande difficult\u00e9 financi\u00e8re ont r\u00e9cemment proc\u00e9d\u00e9 \u00e0 des augmentations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_rsvp_to":"","_rsvp_max":"","_rsvp_show_attendees":"","_rsvp_instructions":"","simple_price":"","simple_price_label":"Billets","venue":"","_template_start_hour":"","_template_start_minutes":"","_sked_minutes":"","_sked_stop":"","_sked_duration":"","_payment_gateway":"Cash or Custom","_rsvp_currency":"USD","_sked_hour":"12","_sked_end":"13:00","rsvp_tx_template":0,"_rsvp_start":0,"_rsvp_deadline":0,"_rsvp_deadline_daysbefore":"0","_rsvp_deadline_hours":"0","_rsvp_reg_daysbefore":"0","_rsvp_reg_hours":"0","_rsvp_count_party":"1","_timezone":"Europe\/Paris","_rsvp_on":false,"_add_timezone":false,"_convert_timezone":false,"_calendar_icons":true,"_rsvp_end_display":false,"_rsvp_rsvpmaker_send_confirmation_email":false,"_rsvp_confirmation_after_payment":false,"_rsvp_confirmation_include_event":false,"_rsvp_count":true,"_rsvp_yesno":true,"_rsvp_captcha":false,"_rsvp_login_required":false,"_rsvp_form_show_date":false,"_show_rsvpmaker_options":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[836,891],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Restructuration obligataire et recapitalisation - Droit &amp; Croissance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Droit &amp; Croissance\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\"},\"author\":{\"name\":\"Droit &amp; Croissance\",\"@id\":\"https:\/\/droitetcroissance.fr\/#\/schema\/person\/05ca2e43e4fa8093812a502c270f271e\"},\"headline\":\"Restructuration obligataire et recapitalisation\",\"datePublished\":\"2017-04-28T12:50:24+00:00\",\"dateModified\":\"2019-09-04T06:58:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\"},\"wordCount\":298,\"publisher\":{\"@id\":\"https:\/\/droitetcroissance.fr\/#organization\"},\"image\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg\",\"articleSection\":[\"Restructuring EN\",\"Slideshare presentations\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\",\"url\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\",\"name\":\"Restructuration obligataire et recapitalisation - Droit &amp; Croissance\",\"isPartOf\":{\"@id\":\"https:\/\/droitetcroissance.fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg\",\"datePublished\":\"2017-04-28T12:50:24+00:00\",\"dateModified\":\"2019-09-04T06:58:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage\",\"url\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg\",\"contentUrl\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg\",\"width\":2304,\"height\":1536},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/droitetcroissance.fr\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Restructuration obligataire et recapitalisation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/droitetcroissance.fr\/#website\",\"url\":\"https:\/\/droitetcroissance.fr\/\",\"name\":\"Droit &amp; Croissance\",\"description\":\"Le droit, outil au service de la croissance\",\"publisher\":{\"@id\":\"https:\/\/droitetcroissance.fr\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/droitetcroissance.fr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/droitetcroissance.fr\/#organization\",\"name\":\"Droit & Croissance\",\"url\":\"https:\/\/droitetcroissance.fr\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/droitetcroissance.fr\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/cropped-LogoDC.jpg\",\"contentUrl\":\"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/cropped-LogoDC.jpg\",\"width\":512,\"height\":512,\"caption\":\"Droit & Croissance\"},\"image\":{\"@id\":\"https:\/\/droitetcroissance.fr\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/pages\/Droit-et-Croissance-Rules-for-Growth\/282120515217184\",\"https:\/\/x.com\/RulesForGrowth\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/droitetcroissance.fr\/#\/schema\/person\/05ca2e43e4fa8093812a502c270f271e\",\"name\":\"Droit &amp; Croissance\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/droitetcroissance.fr\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8fe0dee872640cab5ec1def3dd76c54e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8fe0dee872640cab5ec1def3dd76c54e?s=96&d=mm&r=g\",\"caption\":\"Droit &amp; Croissance\"},\"url\":\"https:\/\/droitetcroissance.fr\/en\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Restructuration obligataire et recapitalisation - Droit &amp; Croissance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/","twitter_misc":{"Written by":"Droit &amp; Croissance","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#article","isPartOf":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/"},"author":{"name":"Droit &amp; Croissance","@id":"https:\/\/droitetcroissance.fr\/#\/schema\/person\/05ca2e43e4fa8093812a502c270f271e"},"headline":"Restructuration obligataire et recapitalisation","datePublished":"2017-04-28T12:50:24+00:00","dateModified":"2019-09-04T06:58:08+00:00","mainEntityOfPage":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/"},"wordCount":298,"publisher":{"@id":"https:\/\/droitetcroissance.fr\/#organization"},"image":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage"},"thumbnailUrl":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg","articleSection":["Restructuring EN","Slideshare presentations"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/","url":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/","name":"Restructuration obligataire et recapitalisation - Droit &amp; Croissance","isPartOf":{"@id":"https:\/\/droitetcroissance.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage"},"image":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage"},"thumbnailUrl":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg","datePublished":"2017-04-28T12:50:24+00:00","dateModified":"2019-09-04T06:58:08+00:00","breadcrumb":{"@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#primaryimage","url":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg","contentUrl":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg","width":2304,"height":1536},{"@type":"BreadcrumbList","@id":"https:\/\/droitetcroissance.fr\/en\/2017\/04\/restructuration-obligataire-et-recapitalisation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/droitetcroissance.fr\/en\/"},{"@type":"ListItem","position":2,"name":"Restructuration obligataire et recapitalisation"}]},{"@type":"WebSite","@id":"https:\/\/droitetcroissance.fr\/#website","url":"https:\/\/droitetcroissance.fr\/","name":"Droit &amp; Croissance","description":"Le droit, outil au service de la croissance","publisher":{"@id":"https:\/\/droitetcroissance.fr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/droitetcroissance.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/droitetcroissance.fr\/#organization","name":"Droit & Croissance","url":"https:\/\/droitetcroissance.fr\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/droitetcroissance.fr\/#\/schema\/logo\/image\/","url":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/cropped-LogoDC.jpg","contentUrl":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/cropped-LogoDC.jpg","width":512,"height":512,"caption":"Droit & Croissance"},"image":{"@id":"https:\/\/droitetcroissance.fr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/pages\/Droit-et-Croissance-Rules-for-Growth\/282120515217184","https:\/\/x.com\/RulesForGrowth"]},{"@type":"Person","@id":"https:\/\/droitetcroissance.fr\/#\/schema\/person\/05ca2e43e4fa8093812a502c270f271e","name":"Droit &amp; Croissance","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/droitetcroissance.fr\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8fe0dee872640cab5ec1def3dd76c54e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8fe0dee872640cab5ec1def3dd76c54e?s=96&d=mm&r=g","caption":"Droit &amp; Croissance"},"url":"https:\/\/droitetcroissance.fr\/en\/author\/admin\/"}]}},"jetpack_featured_media_url":"https:\/\/droitetcroissance.fr\/wp-content\/uploads\/2015\/01\/propos1BIS@2x.jpg","jetpack_shortlink":"https:\/\/wp.me\/p2LAAl-2me","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/posts\/9066"}],"collection":[{"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/comments?post=9066"}],"version-history":[{"count":0,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/posts\/9066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/media\/8350"}],"wp:attachment":[{"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/media?parent=9066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/categories?post=9066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/droitetcroissance.fr\/en\/wp-json\/wp\/v2\/tags?post=9066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}