Comexposium files for financial protection in France

Global events organiser Comexposium has announced it has filed for financial protection in France, citing restrictions on its business caused by the Covid-19 pandemic. Comexposium annually organises some of the largest, and most well-known, events in France such as SIAL, SIMA, Foire de Paris and the l’Étudiant events. A statement from the Group said the pandemic had “prevented Comexposium from being able to play its role, organising events, for over six months. For many months the events sector has seen very little activity, and, as of now, there is uncertainty around when events will fully restart in France and abroad. Therefore, it has become necessary for Comexposium to adapt its financing. “Three holding companies of the Group and Comexposium SAS have decided to enter into a ‘procédure de sauvegarde’ with the Commercial Court of Nanterre. This is a decision regarding the management of the business. The procedure freezes the debt of the protected companies, allowing for a reorganisation of liabilities and a grace period during this exceptional time. “Only the four companies mentioned are affected by this decision, and it has no impact on the ability of these companies, or any other Comexposium company, to conduct business. Moreover, this protection will enable the affected companies to be in a strong position to restart their normal level of operations, as soon as the pandemic situation allows.” Renaud Hamaide (pictured), Comexposium chairman added: “This difficult period requires us to be agile and innovative. Meeting in person is the quickest and strongest way to build relationships. I strongly believe in the importance of face-to-face events, and I am confident events will come back. Further, it is clear that digital and multi-channelled approaches to creating connection are necessary, and we will continue to develop in this area. The future is being written now, and when this crisis is over, we want to be at the forefront of our industry in bringing people together”. Charterhouse sold Comexposium in March 2019 to Credit Agricole Assurances, for approximately US$708m.