Maisons du Monde: refinancing completed, shareholders diluted by 95.2%
Maisons du Monde announced today the final completion of its refinancing, which took place following the approval of the conciliation agreement by the Nantes Commercial Court on July 22, 2026 and the approval of the general meeting on July 27. This operation, which mobilizes the Alteri Investors and Eicos Investment Group consortium, comprehensively restructures the furniture group's debt and shareholding structure.
Bank debt reduced from 250 to 41 million euros
The refinancing reduces the group's gross bank debt from 250 million euros before restructuring to 41 million euros after, bringing total gross financial debt to approximately 66 million euros (including 25 million euros of new secured bond financing).
This reduction occurs in a context of deterioration in the furniture market since 2021 (inflation, erosion of purchasing power, real estate crisis) and increased competition, which prompted the opening of a conciliation procedure on January 14, 2026.
The participating banks are making available new financing commitments totaling 15 million euros in the form of signature commitments, and have undertaken to maintain and, where appropriate, renew their existing guarantees for an initial period of 2 years, with three extension options of one year each subject to conditions.
Dilution of 95.2% of existing shareholders
The reserved capital increase resulted in the issuance of 780,176,862 new shares with a nominal value of 0.001 euro at the subscription price of 0.28 euros per share (of which 0.279 euros of share premium), representing a dilution of 95.2% of existing shareholders.
This issuance, converting the bank debt acquired by the Investment Vehicle, represents a discount of 36% compared to the share closing price on June 15, 2026, the last trading day before the suspension that occurred on June 16, 2026. The Investment Vehicle now holds 95.22% of the share capital and 95.3% of voting rights.
For information purposes, the share of equity per share stands at 0.411 euros after the issuance, compared to 3.024 euros before. A shareholder holding 1% of the capital before the issuance and not subscribing to it would see their stake reduced to 0.048%.
Renewed governance and shareholder stability
The Investment Vehicle obtained the appointment of two directors representing respectively Alteri Investors (Arnold Vos) and Eicos Investment Group (Pierre de Chillaz), strengthening the stability of the shareholder structure. The Board of Directors now comprises seven members, including three independent directors.
Settlement of the new shares was scheduled for July 31, 2026, and admission of the new shares on Euronext Paris, under the ISIN code FR0013153541, is scheduled for August 4, 2026. The consortium obtained a waiver from the Financial Markets Authority from the obligation to file a mandatory public takeover bid, and indicated that it did not intend to request the delisting within twelve months following completion of the restructuring operations.
