For the first time, the State will become an indirect shareholder through the restructuring of an EMP

Posted on Jan 4, 2022, 6:44 PMUpdated Jan 4, 2022, 7:28 PM

This is a first, and it is the scenario that Bercy would have liked to avoid: finding itself as an even indirect shareholder of a company in difficulty following the restructuring of a guaranteed loan (PGE). This is what is emerging at the end of the negotiations for the relaunching of the European number one in leisure residences, Pierre & Vacances Center Parcs: the division by two of its debt (1.1 billion euros) will go through the conversion into capital of 551 million euros, nearly half of which concerns the loan guaranteed by the State (240 million euros).

A file that will serve as a precedent if the pandemic hardens, according to stakeholders. In total, some 143 billion euros in loans guaranteed to the tune of 70% to 90% by the State have been granted to more than 693,000 companies. And the latest announcements of the case-by-case extension of PGE maturities will not solve everything.

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