Event Publicly Available Information:
The Eligible Market Participant who submitted the DC Question requested the EMEA DC to consider whether there is a Successor to Picard Bondco S.A. (“Picard Bondco”).
The Eligible Market Participant noted that the Picard Group press release dated 5 August 2026 states that Picard Bondco merged with and into Lion/Polaris Lux Holdco S.à r.l. (“Lux Holdco”) via a Luxembourg dissolution without liquidation (dissolution sans liquidation), resulting in a universal title of succession (transmission universelle de patrimoine) from Picard Bondco to Lux Holdco, and further states that, upon completion, Picard Bondco ceased to exist and Lux Holdco became its successor-in-law, including assuming certain of its specified debt obligations.
| Date | Description | Document |
|---|---|---|
| Closed | EMEA DC Meeting Statement 28 October 2026 The EMEA DC met on 26 October 2026 to continue discussions on the DC Question in respect of Picard Bondco S.A. (Picard Bondco). The EMEA DC noted that on 5 August 2026 it was announced that Picard Bondco had merged with and into Lion/Polaris Lux Holdco S.à r.l. (Lux Holdco) by way of a Luxembourg dissolution without liquidation (dissolution sans liquidation) entailing universal title of succession (transmission universelle de patrimoine) from Picard Bondco to Lux Holdco, upon completion of which Picard Bondco ceased to exist and Lux Holdco became the successor-in-law to Picard Bondco. Financial statements published by the Picard group confirmed that the merger occurred on 4 August 2026. The EMEA DC considered the Eligible Information in respect of the outstanding obligations of the Reference Entity. Based on the Eligible Information, the EMEA DC concluded that Lux Holdco succeeded to all of the obligations (including at least one Relevant Obligation) of Picard Bondco, and in doing so the EMEA DC was of the view that it had followed its previous approaches in respect of identifying Qualifying Guarantees. The EMEA DC also noted that Picard Bondco had ceased to exist as a result of the merger. Accordingly, the EMEA DC determined that Lux Holdco was the Universal Successor to Picard Bondco, and the sole Successor for 2014 Transactions, and that the Succession Date was 4 August 2026. | |
| Ongoing | The EMEA DC met on 23 October 2026 to discuss the DC Question and agreed to meet again on 26 October 2026 to continue discussions. Note: The EMEA DC met on 26 October 2026. | |
| Ongoing | The EMEA DC met on 19 October 2026 to discuss the DC Question and agreed to meet again this week to continue discussions. | |
| Ongoing | The EMEA DC met on 15 October 2026 to commence deliberations on the DC Question and agreed to meet again on Friday 16 October 2026* to continue discussions. *Call subsequently rescheduled to 19 October 2026. | |
| Request Accepted by DC | ||
| Pending DC Consent |