{"id":21686,"date":"2011-08-29T22:00:00","date_gmt":"2011-08-29T20:00:00","guid":{"rendered":"https:\/\/www.accuracy.com\/2011\/08\/29\/private-equity-magazine-n67-le-boom-du-retournement-naura-pas-lieu\/"},"modified":"2023-07-28T10:30:29","modified_gmt":"2023-07-28T08:30:29","slug":"private-equity-magazine-n67-le-boom-du-retournement-naura-pas-lieu","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/fr\/private-equity-magazine-n67-le-boom-du-retournement-naura-pas-lieu\/","title":{"rendered":"Private Equity Magazine n\u00b067 - Le boom du retournement n'aura pas lieu"},"content":{"rendered":"

Contrairement aux attentes, la crise n\u2019a pas fait le bonheur des fonds de retournement. Si l\u2019activit\u00e9 reprend gr\u00e2ce \u00e0 des dossiers de meilleure qualit\u00e9, le march\u00e9 reste \u00e9troit, incitant certains acteurs \u00e0 se repositionner.[\u2026]<\/p>\n

Au cours de 2010, 9% des LBO ont revu leur \u00e9ch\u00e9ancier avec, dans 5,9% des cas, un apport de new money. Ainsi, dans la plupart des dossiers o\u00f9 les difficult\u00e9s n\u2019\u00e9taient que d\u2019ordre financier, les discussions ont rapidement abouti et le probl\u00e8me a \u00e9t\u00e9 r\u00e9gl\u00e9 \u00ab\u00a0en famille\u00a0\u00bb. Les n\u00e9gociations financi\u00e8res sont en revanche devenues plus co\u00fbteuses pour les entreprises, en raison notamment d\u2019une pr\u00e9sence plus fr\u00e9quente des banques anglo-saxonnes sur les dossiers\u00a0: \u00ab\u00a0Le co\u00fbt des restructurations de dettes est en hausse, avec l\u2019application des \u00a0“waivers fees” (surmarges n\u00e9goci\u00e9es dans les accords). Les pr\u00eateurs fran\u00e7ais ont progressivement align\u00e9 leurs pratiques de r\u00e9mun\u00e9ration sur les pratiques anglo-saxonnes\u00a0\u00bb, constate Rodolphe Pacciarella, associ\u00e9 au sein du cabinet Accuracy<\/strong>. [\u2026]<\/p>\n

Les actionnaires\u00a0ont fait le dos rond en attendant que l\u2019orage passe\u2026 mais la reprise attendue n\u2019est pas venue. Ch\u00f4mage, consommation en baisse, croissance limit\u00e9e, les indicateurs sont toujours au rouge. \u00ab\u00a0La sortie de crise est plus tardive et moins forte que pr\u00e9vue. De plus, les entreprises ont pris du retard en mati\u00e8re d\u2019investissement sur des march\u00e9s comp\u00e9titifs. Aussi, nous voyons arriver aujourd\u2019hui des dossiers fortement ab\u00eem\u00e9s\u00a0\u00bb, remarque Rodolphe Pacciarella. [\u2026]<\/p>\n","protected":false},"excerpt":{"rendered":"

Contrairement aux attentes, la crise n\u2019a pas fait le bonheur des fonds de retournement. Si l\u2019activit\u00e9 reprend gr\u00e2ce \u00e0 des dossiers de meilleure qualit\u00e9, le march\u00e9 reste \u00e9troit, incitant certains acteurs \u00e0 se repositionner.[\u2026] Au cours de 2010, 9% des LBO ont revu leur \u00e9ch\u00e9ancier avec, dans 5,9% des cas, un apport de new money. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[113],"tags":[177],"class_list":["post-21686","post","type-post","status-publish","format-standard","hentry","category-france","tag-news"],"acf":[],"yoast_head":"\nPrivate Equity Magazine n\u00b067 - Le boom du retournement n\u2019aura pas lieu - Accuracy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.accuracy.com\/fr\/private-equity-magazine-n67-le-boom-du-retournement-naura-pas-lieu\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Equity Magazine n\u00b067 - Le boom du retournement n\u2019aura pas lieu\" \/>\n<meta property=\"og:description\" content=\"Contrairement aux attentes, la crise n\u2019a pas fait le bonheur des fonds de retournement. 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