SMCP shareholders, dominated by a group of former bondholders, expect to receive initial non-binding offers for their 37% stake in the ready-to-wear group by mid-May, two sources close to the matter have said.

Creditors, including Blackrock and Carlyle, had launched the sale of their stake in early March.

This stake is valued at around 227 million euros, based on SMCP's market capitalization of 613.8 million euros on Monday evening.

Potential buyers include private equity funds and other ready-to-wear groups, said one of the sources, who wished to remain anonymous.

Alastair Beveridge and Daniel Imison of AlixPartners UK LLP, acting for the creditors, and SMCP did not immediately respond to a request for comment.

Creditors of SMCP, which owns the Sandro and Maje brands among others, became the group's main shareholders following a bond default by former owner European TopSoho, a subsidiary of China's Shandong Ruyi.

(Reported by Kane Wu; Blandine Hénault for the French version, edited by Kate Entringer)

by Kane Wu