Lenders are preparing to take control of retailer Vivarte from Charterhouse Capital Partners, in a rare French debt-for-equity swap worth more than €2 billion.

Oaktree Capital Management, Alcentra and Hayfin Capital Management are among the lenders preparing to convert €2 billion of the company's €2.8 billion debt package to equity and quasi-equity instruments as part of the restructuring, according to a statement from the company.