1E9Ct5D

. Francei. Creditors’ CommitteesIf certain threshold conditions ar met, 24 or at the debtor’s or administrateur’s request,creditors will be represented by two committees. One committee will consist offinancial creditors, including banks and other institutional lenders. The othercommittee will be made up of trade creditors. The committees are formed to discussthe possible terms of the restructuring of the insolvent company’s debts, which mayinclude a rescheduling of the debt, a reduction of its amount, or a conversion of all orpart of the debt into equity or convertible securities. 25Each committee will deliberate over the proposals made by the administrateurjudiciaire. A proposal may be approved by the affirmative vote of creditors holdingclaims valued at two-thirds of the total amount of claims of the class represented bythe committee. Any bondholders affected by the proposals will hold a meeting toapprove the proposals, in accordance with applicable rules of French commerciallaw.If the creditors and the bondholders approve the proposals, the Court will ratify themif the interests of the creditors are appropriately protected. Upon Court approval, theproposals will become enforceable against all the members of the two committees.24 The insolvent company has financial records certified by a statutory auditor or issued by achartered accountant, and either employs more than 150 employees or had revenue (VATexcluded) exceeding € 20,000,000 the previous fiscal year. Code de commerce [C. com] art.L.626-29 and R. 626-52.25 Where the conditions are not met for the appointment of creditors’ committees, the administrateurjudiciaire will consult with creditors either individually or collectively.18