Maranatha: the main creditor singled out

2 min reading time

Published on 23/07/18 - Updated on 17/03/22


The Marseille Commercial Court has postponed the examination of Maranatha's situation until September 2018 with two deadlines.

At the core of this case: 52 midscale and upscale hotels, a liability of at least 700 million euros and around 6,000 investors represented by nearly 200 companies.

Maranatha attracted five firm offers for a global takeover at the end of the filing phase on July 11,  2018. In addition to the Attestor Capital-Loxi Hospitality duo, two other tandems are in the running: Tikeo Capital and Le Groupe de l'Hotellerie, which have been working together on several projects for 15 years, as well as Schroder Real Estate Hotels (ex-Algonquin) and Benson Elliot. Colony NorthStar reconfirmed its interest with the support of AccorHotels as operator, not co-investor as originally envisaged.

Finally, three of the declared candidates came together around a common offer, each targeting a specific Maranatha asset: Paris Inn joined forces with Apollo and 123 IM.

Also read: Maranatha: groups drawn to hotel assets

In this context, the Les Hôtels du Roy portfolio appears to be a key element.

The sovereign wealth fund Cale Street, has a receivable of 275 million euros (nearly 300 million with interest) and expects to recover its stake without delay. In fact, the latter will have their say since the takeover retained by the Commercial Court will have to be validated by the general meetings of the companies carrying the assets.

Thus, a first hearing is scheduled on September 4 concerning a third opposition formulated by one of the candidates, Attestor Capital.

Attestor Capital questions the principle imposed by the court of an agreement between the potential buyers and Cale Street. 

The public prosecutor's office stated that "elements qualifying the offence of bankruptcy and complicity in bankruptcy are likely to be sought". The Commercial Court has about ten days to rule on the third opposition, knowing that a second hearing on the examination of the offers has been scheduled for September 17.

In theory, the takeover candidats may review their respective proposals up to two working days before the hearing. "The game's been tampered with. We are going to rework our offer," comments one of them.

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