Ashurst advised the senior lenders to JOA group (formerly Moliflor Loisirs), the third largest French casino operator and an online gambling operator, on its financial restructuring.

The transaction involved the restructuring of JOA group's capital and debt structure. This was achieved by reducing the debt incurred by JOA group as a result of financing its existing LBO, and providing new money, thus allowing JOA group to finance external growth.

Some of the senior lenders are now the new shareholders of the JOA group.

The Ashurst team, led by partners Jean-Pierre Farges and Diane Sénéchal, comprised counsel Thomas de Mortemart, associates Scott Webster, Constance d'Heucqueville and Thomas Jeannin on the restructuring and financing aspects; partner Guy Benda and counsel Anne Reffay, assisted by associates Isaure Sander and Joseph Gadenne on the corporate aspects; and partner Nadine Gelli and associate Sonia Bouaffassa on the tax aspects. Associate Jacques Dabreteau advised on all aspects relating to public law.

Law firm Elvinger Hoss & Prussen dealt with the Luxembourgian aspects of the transaction alongside the senior lenders.