The Paris Commercial Court dismissed Bernard Tapie's bailout plan, including GBT, the majority shareholder in "La Provence".
The commercial court of Paris rejected, Friday, January 18, the plan of safeguarding the companies of Bernard Tapie, on which depends the refunding of the hundreds of millions of euros granted in 2008 in an arbitration which is worth a trial in correctional, in March , in Paris. Immediate consequence, the court converted this procedure into a judicial reorganization of companies GBT (Bernard Tapie Group) - majority shareholder of Provence - and FIBT (Financière Immobilière Bernard Tapie), which owns the hotel de Cavoye, the Parisian residence of the couple Tapie.
At the end of 2015, Bernard Tapie was sentenced by the Paris Court of Appeal to reimburse the approximately 404 million euros awarded by this arbitration, including 45 million euros in respect of non-pecuniary damage. This private sentence, supposed to settle its dispute with Credit Lyonnais in the case of the resale of Adidas in 1994, was then judged fraudulent and broken by justice.
A few days before the conviction to be paid on December 3, 2015, the businessman had placed his companies in safeguard. This procedure, which protects companies threatened with insolvency, has rendered their assets inaccessible to creditors.