The automotive engineering group, Segula, has secured approval for two accelerated safeguard plans from the Nanterre Commercial Court on February 12, 2026. This decision marks a significant milestone in the group’s restructuring process, which addresses approximately €500 million in debt. The restructuring follows various amicable proceedings aimed at resolving financial difficulties faced by the group’s subsidiaries.
Legal firm Ashurst advised the senior lender pool in connection with both a state-guaranteed loan (Prêt Garanti par l’État, PGE) and a senior term loan. The restructuring encompasses the group’s holding companies, Segula Holding and Segula Technologies, alongside their subsidiaries, indicating a comprehensive approach to stabilizing the entity.
New Ownership Structure on the Horizon
As part of the restructuring, Eiffel Investment Group and Eurazeo will gain control of the group’s share capital throughout 2026. This transition is expected to provide a stronger foundation for Segula as it navigates its financial challenges. The approval from the Nanterre court is a critical step in facilitating this change, ensuring that the group can continue its operations and maintain its position in the automotive engineering sector.
The Ashurst team in Paris played a pivotal role in this process. Led by partners Noam Ankri and Eric Fiszelson, the team included counsel Astrid Hubert-Benoist and associates Victoire Gabai and Dorélien Blin specializing in restructuring matters. Additional expertise came from counsel Audrey Lesage and associate Louis Regnard in finance, as well as partner Christophe Lemaire and senior associate Guillaume Vatin in competition law. In Munich, partner Karsten Raupach focused on restructuring, while partner Friedrich Schaudinn handled finance matters. In Frankfurt, counsel Franziska Kramer managed restructuring, and associate Sascha Masuch dealt with finance issues.
Implications for the Automotive Sector
The successful approval of these safeguard plans not only aids Segula in overcoming its financial hurdles but may also influence the broader automotive engineering landscape. The restructuring highlights the importance of strategic financial management in ensuring sustainable operation within a competitive market.
As Segula moves forward under new ownership, stakeholders will be keenly observing the group’s ability to implement effective changes and restore financial stability. The outcome of this restructuring will likely serve as a case study in corporate recovery within the automotive sector, particularly in how companies can navigate significant financial challenges with the right legal and financial support.
This development reinforces the vital role of legal advisors like Ashurst in navigating complex financial landscapes and supporting businesses through challenging times.
