The owner of French fashion retailer SMCP said on Wednesday it had started legal proceedings against companies serving bondholders it alleged were seeking to take control of the Sandro, Maje and Claudie Pierlot owner at a low price.

European TopSoho, a unit of Shandong Ruyi which has a 53% stake in SMCP, last month failed to meet a debt obligation of €250 million exchangeable for shares in the French company.

As a result of that default, owners of the bonds, who include asset manager BlackRock and private equity firm Carlyle, can stake a claim to a 37% share in SMCP.

However, European TopSoho said that it launched legal proceedings as it seeks to identify parties it said had “conspired by unlawful means to injure and cause loss to the company by forcing it into a position whereby the conspirator(s) could acquire or obtain control of SMCP SA at an undervalue.”