Translation of "Plans de restructuration du capital " (French → English) :

The French authorities will submit regular monitoring reports to the Commission, to ensure that the restructuring plan is implemented in full and in line with today's decision, until the restructuring period of Areva comes to an end in 2019.

New financing (i.e. financing which is necessary to implement the restructuring plan) and interim financing (allowing the business to continue to operate during the negotiation of the restructuring plan) will be protected under specific conditions in order to support the restructuring process of the company while negotiations are ongoing.

Where necessary, national courts must be involved to safeguard the interests of stakeholders. The debtor will benefit from a time-limited ''breathing space'' of a maximum of four months from enforcement action in order to facilitate negotiations and successful restructuring. Dissenting minority creditors and shareholders will not be able to block restructuring plans but their legitimate interests will be safeguarded. New financing ...[+++]will be specifically protected increasing the chances of a successful restructuring. Throughout the preventive restructuring procedures, workers will enjoy full labour law protection in accordance with the existing EU legislation. Training, specialisation of practitioners and courts, and the use of technology (e.g. online filing of claims, notifications to creditors) will improve the efficiency and length of insolvency, restructuring and second chance procedures.

The reduction of court formalities will not have an impact on creditors' rights since the confirmation of the restructuring plan by a court or an administrative authority is always ensured when dissenting parties' rights are affected and where the restructuring plan provides for new financing.

Because the entity referred to in the response to Q-972 was involved in active projects in several countries, CIDA took the following specific measures to protect the interests of the Crown: CIDA established a multi-disciplinary task force to oversee a common, integrated and corporate approach to managing the situation and mitigating potential risks; discussions and meetings were held with senior representatives of the organization, who provided detailed information on the extent and severity of the financial situation, and the likely operational impacts; based on the initial information received, as well as a review of the current sta ...[+++]tus of project implementation, management arrangements and contractual terms and conditions, CIDA completed an internal review and assessment of the fiduciary and other risks across each program; a proactive monitoring and integrated risk management approach was developed and agreed with the organization, which featured open and direct channels of communication at a senior level to provide regular updates on the financial situation and recovery as well as to facilitate the dissemination of information on operational progress across the agency and decision-making on individual projects; in projects where the organization was part of a consortium, the agency agreed, on a non-objection basis, to the transfer or assignment of the lead implementation role to other well-established members or partners, who were jointly and severally liable; for projects where the organization was solely responsible for delivery or implementation, the agency took steps to ensure that all financial and performance guarantees were enforceable, in case of need; as part of its efforts to continue operations and remain a going concern, the organization presented a comprehensive business plan and financial projections that were developed with legal and financial third party advisors, a plan was subsequently validated by independent auditors as part of the due ...

As the Minister of National Defence pointed out in his recent appearance before the Standing Committee on National Defence, years of pent up demand for investment and recapitalization is driving the current procurement agenda.