The SMCP group, which owns popular fashion brands Sandro, Maje, Claudie Pierlot, and Fursac, is currently facing ownership issues due to its majority shareholder, European Topsoho, defaulting on a €250 million bond repayment. This default has resulted in the creditors, represented by investment funds BlackRock, Carlyle, Anchorage, Boussard, and Gavaudan, acquiring a 29% stake in SMCP and pushing for an Annual General Meeting (AGM) to resolve the situation.

The Paris trade court has ruled in favor of the creditors, appointing a judicial representative who will be responsible for convening the AGM. SMCP initially rejected the request to hold the meeting during a board meeting on November 17, but the court’s decision now forces the company to disclose the details of the upcoming AGM to the market.

The primary objective of the creditors is to remove the directors affiliated with European Topsoho and its parent company, Shandong Ruyi, from the board. Instead, they aim to appoint four independent members. The creditors, led by debt administration specialist GLAS, intend to sell their stake in SMCP to recover the debt.

Before proceeding with the sale, the creditors want to hold the AGM to achieve their goals within the company. Concurrently, legal actions have been initiated by both European Topsoho and GLAS. European Topsoho has requested a British court to investigate a potential agreement between the creditors and their consultants, as they allege an undervalued takeover attempt. Conversely, GLAS has filed a lawsuit in Luxembourg, seeking insolvency proceedings against European Topsoho and the appointment of a receiver.

Despite the challenges imposed by the Covid-19 pandemic, SMCP has exhibited signs of recovery. In the third quarter of 2021, its sales had almost reached pre-pandemic levels. The company remains optimistic about attaining an annual revenue of €1 billion for 2021.

The outcome of the upcoming AGM will determine SMCP’s future ownership and direction, as well as its potential to regain financial stability. As the creditors strive to safeguard their interests, the fashion group’s management and stakeholders will closely monitor the developments surrounding the AGM.

Useful Links:
– [Link 1](https://www.examplelink1.com) – This link provides further insights into the current ownership issues faced by SMCP and the involvement of its creditors.
– [Link 2](https://www.examplelink2.com) – Visit this link to learn more about SMCP’s financial recovery and its efforts to achieve a revenue of €1 billion in 2021.