CC takes lead role on bank bailout for French Government
Clifford Chance (CC) has taken a lead role for the French Government on its bailout of Credit Immobilier de France.
September 20, 2012 at 07:03 PM
2 minute read
Clifford Chance (CC) has taken a lead role for the French Government on its bailout of Credit Immobilier de France.
The French Government earlier this month agreed to rescue the troubled mortgage lender, which has failed to find a buyer in the wake of a liquidity crisis.
The bailout, which reportedly includes an initial guarantee of as much as €5bn (£4bn), is subject to approval from the European Commission and Parliament.
CC's Paris arm advised the French Treasury, with a team comprising M&A corporate partners Mathieu Remy and Aline Cardin, banking and finance partner Frederick Lacroix and restructuring and insolvency partner Reinhard Dammann.
Counsel Vincent Hatton will assist on financial aspects and of counsel Michel Petite and Christian Lacheze on competition and employment laws respectively. Credit Immobilier did not instruct an external law firm.
The mandate for CC marks the latest in a string of European bailout roles for the magic circle firm, which has advised the European Financial Stability Facility (EFSF), a eurozone bailout programme, since its inception in 2010.
Last December, the firm advised the EFSF on a €3bn (£2.6bn) bond sale as part of the financial assistance programme for Ireland.
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