Content area
Full Text
Group Pierre & Vacances-Center Parcs, the French operator of holiday parks, has launched a €50m recapitalisation as it looks to exit from a debt restructuring package approved by a commercial court in Paris last month.
In a regulatory filing, Pierre & Vacances-Center Parcs said it plans to issue 66.8m new shares at a ratio of 27 new shares for every four already owned.
The subscription price has beet set at €0.75 a share, a discount of 40.5% to the theoretical ex-rights price.
Major shareholders Alcentra, the high yield debt focused asset manager, and Fidera, the London-headquartered...