90 LAWYER MONTHLY APRIL 2023 The Réunion Region and SEMATRA’s Restructuring of Air Austral About the Deal Fréget Glaser & Associés advised the French Réunion region and SEMATRA, reference shareholder of airline Air Austral and holder of 99% of its capital, on the restructuring of the airline from Réunion Air Austral. Veil Jourde and lawyer Djalil Gangate also advised the Réunion Region and SEMATRA, while White & Case advised Air Austral. The mixed commercial court of Saint-Denis in Réunion approved the conciliation protocol on 25 January 2023. The protocol set the terms of Air Austral’s restructuring under the aegis of the CIRI. This represents a new chapter for Air Austral, which reported a turnover of €236 million in 2022 and employed around 900 people in Réunion, in addition to supporting nearly 3,000 indirect jobs. Fréget Glaser & Associés advised the Réunion region and SEMATRA on matters of public law, privatisation, competition law and state aid with a team led by partners Emmanuel Glaser, Sandrine Perrotet and Liliana Eskenazi. Transaction Interview Advisors to Region Réunion and Sematra: Djalil Gangate Thorium Avocats Advisor to Air Austral: Advisor to Run Air:
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