According to WanSquare's information, there should be a closing meeting of the CIRI at the Ministry of Finance this afternoon to allow Philippe Nguyen's fund Investors in Private Equity to take over the property management company Urbania and the company Adyal, which is also a property management specialist. The three main bank creditors, Société Générale, Banque Française and Banque Monte Paschi, who are owed a total of 353 million euros by the Urbania-Adyal group, have agreed to the scheme proposed by IPE, namely to exchange their receivables for convertible bonds amounting to nearly 200 million euros.

IPE is financing this operation by creating a dedicated fund in an amount of 300 million euros, of which Bernard Tapie will be one of the main sleeping partners. Philippe Nguyen has assured the banks that the enterprise value of Urbania will be higher than its bank liabilities five to seven years from now, hence the arrangement in the form of convertible bonds. Once the CIRI has given its approval, the Commercial Court will have to rubber stamp this financial restructuring agreement. According to the Ministry of Finance, that formality should be completed within the next two weeks.