Key takeaway: In complex restructuring scenarios, fiducie-sûreté structures can combine strong creditor protection with business continuity by ring‑fencing key assets while keeping them operational.
At a glance
- Client: International industrial group
- Challenge: Securing takeover financing in a distressed, multi-jurisdictional restructuring context
- Transaction: Court-approved sale plan (plan de cession)
- Solution: Fiducie-sûreté structure with strategic asset transfer and IP licensing
- Result: €50 million financing secured, business preserved and over 2,700 jobs safeguarded
The client, their challenge
Our client is an international industrial group with a commercial presence in more than 170 countries and manufacturing facilities in France, the United States, China and the United Arab Emirates.
As part of a group-wide restructuring, its principal operating subsidiary was placed into judicial recovery (redressement judiciaire) under French insolvency law. A court-approved sale plan (plan de cession) was subsequently approved in favour of an investor – a former executive and member of the founding family – enabling the preservation of the business in France and safeguarding more than 2,700 jobs.
The overall takeover project was supported by €50 million in new financing.
The transaction took place in a complex legal and operational environment, combining multi-jurisdictional elements with a mix of shareholdings and intellectual property assets. Within this context, the client needed to secure the financing by implementing a robust, enforceable security package over key group assets, while maintaining business continuity.
This required a structure capable of delivering strong legal segregation of secured assets, enhanced protection for lenders and efficient enforcement mechanisms in a distressed scenario – without disrupting ongoing operations.
Our solution
We designed and implemented a bespoke legal and financing structure centred around a fiducie-sûreté, tailored to both the transaction’s complexity and timing constraints.
Fiducie-sûreté structure
We established a fiduciary security arrangement to secure the financing obligations, strengthening lender protection through a flexible and enforceable framework.
Strategic asset transfer
Key assets – including shares in group subsidiaries and valuable intellectual property rights (trademarks, designs, models and patents) – were transferred into a dedicated, ring-fenced fiduciary estate to maximise collateral value.
Business continuity through IP licensing
To ensure uninterrupted operations, we implemented an exclusive licence arrangement allowing the group to continue using its intellectual property throughout the life of the fiducie.
Independent fiduciaire role
IQ EQ Management was appointed as fiduciaire, responsible for holding and managing the assets within the segregated estate. Acting as a neutral and trusted third party, IQ-EQ played a central role in implementing the structure and ensuring its effectiveness, including in potential enforcement scenarios.
Delivery under time pressure
The entire structure was implemented within a constrained timetable, balancing speed of execution with legal robustness and operational stability.
The result
The solution delivered clear and commercially significant outcomes:
- Strong asset protection: Strategic assets were ring-fenced within a segregated fiduciary estate, reducing lender risk while protecting critical operational assets
- Robust security package: A flexible and enforceable structure was implemented, with IQ-EQ acting as a trusted independent fiduciary
- Successful restructuring: The financing supported a court-approved takeover, preserving French operations and safeguarding more than 2,700 jobs
- Market-relevant structure: The transaction demonstrates the growing use of fiducie-sûreté arrangements in complex restructurings where creditor protection must be balanced with business continuity
Why it matters
In distressed and cross-border restructuring situations, securing financing is not just about collateral – it’s about designing a structure that works in practice.
This case shows how fiducie-sûreté structures can provide lenders with strong protection while allowing essential assets, particularly intellectual property, to remain operational. It also highlights the importance of independent fiduciary management and coordinated execution in delivering legally robust solutions under tight timelines.
Looking to structure or secure complex financing transactions?
If you’re navigating a restructuring, takeover or cross-border financing project, our team can help you design and implement practical, enforceable solutions, including fiducie-sûreté structures, tailored to your needs – get in touch today to learn more.
