Charles Russell Speechlys Advises SAFE Group on Successful Restructuring
Charles Russell Speechlys is pleased to announce its role in advising SAFE Group on their significant turnaround during a judicial reorganisation period. Taking over the helm of the SAFE Group on 15 December 2023, the management team has successfully steered the SAFE Group towards profitability.
SAFE Group is a French medical technology group with around 100 staff members that brings together Safe Orthopaedics, a pioneer in ready-to-use technologies for spinal pathologies, and Safe Medical (formerly LCI Medical), a subcontractor of medical devices for orthopaedic surgery. The new management team’s strategic cost-cutting measures and the launch of an ambitious industrial and commercial plan have been pivotal. Their efforts to integrate the activities of Safe Orthopaedics and Safe Medical with SpineUp within a single holding company, known as “Up Group,” have not only streamlined operations but also set the stage for Safe Orthopaedics’ entry into the lucrative US market.
On 6 November 2024, the Commercial Court of Pontoise validated the recovery plans as well as the new strategy initiated and implemented by the new management team, which includes the relocation and commercial restructuring of Safe Orthopaedics, as well as the implementation of new industrial configurations.
Dimitri Sonier, Partner, and Martin Brouard, Associate, in our Paris Restructuring team have advised Safe Medical and Safe Orthopaedics on the insolvency proceedings. Kim Campion, Partner, and Lucile Raynaud, Associate, in the Paris Employment team, advised on labor law, ensuring compliance and best practices throughout the restructuring process.
Dimitri Sonier, Partner, comments:
It has been a privilege to guide SAFE Group through this complex restructuring process. The successful outcome is a testament to the resilience and dedication of the management team, and it has been gratifying to see our legal strategies contribute to the Group’s renewed strength and focus. We look forward to the next chapter for SAFE Group.
Philippe Laurito, CEO of SAFE Group, comments:
This restructuring marks a new chapter for SAFE Group. We are grateful for the expertise and support provided by Charles Russell Speechlys, which has been instrumental in setting us on a path to continued success.
