White & Case advises Grand Nancy Thermal Développement on conclusion and implementation of unprecedented mediation agreement

Global law firm White & Case LLP has advised the concessionary company Grand Nancy Thermal Développement (GNTD) and its shareholders Bouygues Bâtiment Nord-Est, Omnes Capital and ValVital on the negotiation and conclusion of a mediation protocol with the Metropole of Grand Nancy and opponents of the Nancy Thermal aquatic and thermal complex project, and on the implementation of the protocol.

The protocol provides for the transformation of GNTD into a Société d'Economie Mixte Locale (SEML, Local Mixed Economy Company) and the entry of the Metropole of Grand Nancy and the Caisse des Dépôts et Consignations (CDC) into the company's capital.

White & Case advised on the negotiation and conclusion of an amendment to the concession contract and amendments to the project contracts, the modification of the financing and corporate documentation for the entry into the capital of GNTD of the Metropole of Grand Nancy (up to 85 percent) and of the CDC (up to 10 percent), alongside ValVital (up to 5 percent).

The first of its kind agreement enables the transformation of the concession company into an SEML during the performance of the concession contract and allows the continuation of the Nancy Thermal concession contract.

Nancy Thermal is an aqua sports, thermal spa and hotel complex scheduled to open in spring 2023.

The White & Case team in Paris which advised on the transaction was led by partners Jean-Luc Champy and Amaury de Feydeau and included partner Guillaume Vitrich, counsel Quirec de Kersauson and Paul Loisel and associates Tsveta Pencheva, Ahmed Boulahcen, Nicolas Alfonsi and Baptiste Ferraud.

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