Safeguarding plan for Tapie companies rejected on appeal

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Safeguarding plan for Tapie companies rejected on appeal


FRANCE-JUSTICE-TAPIE: A plan to save Tapie societies rejected on appeal



© Reuters / BENOIT TESSIER
A TAPY SOCIETY SAFEGUARD PLAN APPEALED


PARIS (Reuters) – The Paris Court of Appeal confirmed Thursday the rejection of the second backup plan for the two companies of Bernard Tapie and the conversion of their backup into receivership.

The Consortium of realization (CDR), structure charged to manage the liabilities of Credit Lyonnais in litigation with Bernard Tapie, declared that this decision enabled him to approach with “confidence” the judgments of the commercial court of Bobigny envisaged on April 30 on a similar recovery plan project.

Francois Kopf, lawyer for Bernard Tapie, considers precisely that the essential will be played out before the jurisdiction of Bobigny and that the decision given on Thursday only concerns “an old aspect of the case”.

“The Court considered that in the absence of economic activity and therefore no income from the companies GBT and FIBT, only their cash and assets could have discharged the declared liabilities of 461 million euros “, writes the CDR in a press release.

However, criminal seizures weigh on the liquidity of these companies and their assets are affected by other procedures or unavailable immediately, says CDR.

As a result, GBT and FIBT cannot demonstrate that they are able to meet the first three deadlines of the proposed safeguarding plan, he added.

Francois Kopf disputes this interpretation.

According to Bernard Tapie’s lawyer, “there is never any doubt (in Thursday’s decision) of the companies’ ability to repay their liabilities”.

Francois Kopf also claims that “a sales agreement has been concluded concerning the Hôtel de Cavoye (property of Bernard Tapie in the 6th arrondissement of Paris-NDLR) and the proceeds from the sale (…) cover the first two years of the plan if adopted by the Bobigny Commercial Court “.

For the lawyer, the judgment of the court of appeal allows above all “to confirm the real intention of the CDR in this case”. “The recovery of the sums due is not their priority and they only seek to bring down Bernard Tapie and force the compulsory liquidation of his companies”, he affirms.

The dispute between Bernard Tapie and the CDR was linked to the sale of the sports equipment supplier Adidas in 1993, an operation during which the businessman said he had been cheated by Credit Lyonnais.

In 2008, Bernard Tapie was awarded 403 million euros, including 45 million for non-pecuniary damage in the context of an arbitration which was then challenged in court.

Judged to be a scam, Bernard Tapie received a release last July but was nevertheless ordered to reimburse the 403 million euros in arbitration.

(Bertrand Boucey, edited by Jean-Michel Belot)

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