Solocal Endorses Ycor's Offer in its Restructuring Process and Plans to Consult Financial Creditors

Solocal Group, in the continuing saga of its financial restructuring, has decided to back Ycor's offer among two competing proposals, emphasizing the path towards sustainability and operational synergy. This decision is based on the offer's substantial debt reduction potential alongside a significant cash injection facilitated through equity contributions. Ycor's proposal, highlighted by its combination of equity contributions and industrial synergies, stands out as a unique opportunity to ensure Solocal's enduring relevance in the market.

The decision received unanimous support from Solocal’s Board of Directors and management, aligning with CEO Cédric Dugardin’s commitment to safeguarding the company's future and its 2,500 employees. The subsequent steps involve consulting the General Meeting of Bondholders to consider the adjustments in the Safeguard Plan to accommodate Ycor's offer.

The journey to this juncture involved meticulous assessment of both Ycor's and the bondholders’ offers, with the latter proposing a new money debt format. Solocal's preference for Ycor's bid stems from its potential in drastically reducing debt while securing liquidity, ensuring the company's agility in pursuing future growth avenues in the digital services sector.

Solocal’s progress includes initiating a general meeting to discuss the implementation of Ycor’s offer, with an emphasis on reaching a comprehensive, sustainable solution. The company remains optimistic about its leadership in local digital services and the enhanced service delivery to its extensive customer base resulting from this restructuring strategy.