According to restructuring advisers and distressed debt investors, up to 20 mid- and large-cap French companies, most of them private equity-owned, are now on close watch due to leverage and liquidity concerns. Among the names reportedly at risk are EQT's Colisee and Cerba, Partners Group's Emeria, and Apollo's Ingenico. These companies are either actively restructuring their debt or facing pressure to do so. None of the firms involved have commented publicly. France's business insolvency rate has reached its highest level since records began in 1991, according to the Bank of France. The broader European backdrop of rising interest rates, weak cash flows, and post-Covid loan repayments is especially pronounced in France, where leveraged buyouts (LBOs) are more prevalent than in any other major European market. Since 2015, France has seen 4,675 LBOs, far exceeding Germany's 2,786 and Italy's 1,749. Private equity-backed businesses in sectors like telecoms and retail are particularly...
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