DLA Piper advises Paper Excellence on the restructuring of the Fibre Excellence Tarascon site

DLA Piper has advised Paper Excellence, the shareholder of Fibre Excellence Tarascon, in the restructuring of the Fibre Excellence Tarascon pulp mill.

The Paper Excellence Group is the sole shareholder of Fibre Excellence Tarascon. Operating in the US, the company is a leading producer of pulp and paper and is involved in the rescue of the Tarascon site with the support of the French Government and several public actors.

The shareholder presented its final restructuring offer on July 13. The Commercial Court of Toulouse validated the offer on July 22, 2021.

For more than a year, the State has strongly supported the factory employing 300 people on the site.

This restructuring operation allows the factory's activity to be perpetuated, which is crucial for 3,000 jobs in the wood industry in the South-East quarter of France.

The DLA Piper team advising the Paper Excellence Group was composed of Partner Caroline Texier on the restructuring aspects and Partner Eric Villateau on the financing aspects; Mc Dermott also worked alongside Paper Excellence: Partner Timothée Gagnepain and Associate Théophile Jomier.