Question 14072 — banks and financial institutions

Summary

Mr. François-Michel Lambert alerts the Minister of the Economy and Finance to the threats weighing on the French industrial sector due to the development of “vulture funds”. Although not defined by the commercial code and the monetary and financial code with the exception of a clearly insufficient article integrated into the “Sapin 2” law, practice agrees to define vulture funds as constituting speculative investment funds. specialized in the repurchase of corporate or sovereign debts with the objective of generating added value, otherwise at the end of a debt restructuring operation or legal action arising from non-payment plus interest on late payment, legal costs incurred or damages. To date, these investment funds considerably threaten the French industrial fabric by attacking directly to SMEs, mid-sized companies and large groups including Altran, Casino and even Alstom and Eurodisney. The employers' union representations are in turn concerned about this phenomenon and the increase in the issuance of bonds convertible or exchangeable into new or existing shares by alerting the Financial Markets Authority to these practices. In addition to a direct impact on the risk of ending up in collective proceedings, These practices further weaken the social fabric since thousands of jobs are threatened by such practices betting on the failure of the company. He therefore asks him how he intends to act concretely against this phenomenon which considerably threatens businesses and jobs.

Machine translation from French. The official text remains authoritative.

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