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Hedging funds are more mysterious than France’s many suffering companies, because a line of economic blows pushes the number of increased enterprises.
Reconstruction consultants and suffering borrowed investors said they often fought with medium and large cover companies private capital Groups.
Two of the EQT portfolio companies, the Cara Colisée and the laboratory operator, or their debts are reconstructed or the risk of doing it. Real estate services of partners are among other indebted companies that are the payments of the work of the business and Apollo’s payments, which is the risk of reconstruction of the operator of Emieria and Apollo.
“The name” 15 and 20 is watched. All this comes as realistic potential situations due to liquidity issues or liquidity issues, “he said.
“In Paris, a week, not a week, a week ago, goes without an English or US debt fund that came to see us,” said Consultant AlixPartners, Olivier Sibenaler. “Really lasted since the beginning of the year.”
Emeria, Ingenico, Colisée, EQT and partners have refused to comment. Cerba did not respond to a request for comment.
Debt problems are the reflection of difficulties in the French economy. According to the French bank, the business in France is the highest level since the beginning of the records in 1991.
Enterprises within Europe are fighting for money to pay increased interest rates during high levels and financing.
However, the situation is particularly sharp in France, especially in sensitive sectors such as retail and telecommutions, as well as a generous influence on loans supported by a generous French state.
The number of leverage purchases – Private capital groups are higher than in many debt, companies are higher in France. In France since 2015, it is 1.749 in Italy for an analysis of 4,675 LBOs in France and 2786 in Germany, the HEC professor by Oliver Gottschalg.
Enterprises encountered “reproduction of blows”, Céline Domenget-Morin, Weil, Gotşhal and Manges said in Paris Domenget-Morin. “The first (shock), when one arrives second and then third, you can no longer take it.”
The regulatory changes in 2021 have also affected the reconstruction. France has accepted European bankrupture legislation that significantly weakens the shareholders’ hand as compared to previous legislation.
The process causes more antagonist settlements among lenders, here some lenders are now reconstructed through a process known as “cross-Cray Cramdown”.
Changes presented a “tool” that has created a more attractive place for some international loan investors in France, Sibenaler.
Hedging funds, which are often found in the United States and the United States, can gain a share in companies suffering from the reconstruction process, converting their debts to capital.
“We carry a close eye to France,” said an investor in the European Credit Hedge Foundation. “There’s a lot there”
France, including retail casino, careful care provider, including in recent years, Orpea and Telecoms Company pad. Patrick Drahi’s affairs prepare for the United States to reconstruct the United States, and the debt of Casino has been more than a year since the reconstruction of 5 billion euros.
Many companies belonging to private capital groups are already vulnerable after this major reconstruction for the listed enterprises.
Bloomberg data shows that some traditional high-income loan investors have dropped their debts in Colisée. “Hedging funds on the other side of these operations, he is on the other side of these operations,” he said a highly profitable bond investor.
The debt of the medical laboratory group is trading at difficulty levels after the deterioration of his performance. The secured bonds of Cerba trade 76 kopecks from the euro, and an unsecured debt trade for about 22 cents to the euro, because it is sold by loans waiting for heavy losses.
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