Novasep, most of its creditors and the French sovereign wealth fund (the "Strategic Investment Fund"  or "FSI") entered into a restructuring agreement under the supervision of France's Inter-Ministerial Committee on Industrial Restructuring.The plan provided for a significant reduction in Novasep's debt and interest by converting some of the notes into equity, coupled with an injection of fresh cash from an historic shareholder and the FSI.

In particular, under the terms of the restructuring agreement and related agreements, the holders of notes received 97.7% of the common equity securities in Novasep whereas Novasep's outstanding notes were reduced from circa €415 million equivalent (including accrued interests) to €150 million equivalent and its cash interest expenses from approximately €40 million to €12 million equivalent per annum. The restructuring successfully closed on 15 March 2012 and has been implemented through a consent solicitation and exchange offer. The newly issued equity as a result of the debt-to-equity swap is now being held by the former bondholders via a Luxembourg holding company.

The Ad Hoc Committee was assisted by a NautaDutilh team led by Jean-Marc Groelly, Margaretha Wilkenhuysen and Romain Sabatier, which were assisted by Josée Weydert and Jan Krupski.