2024-02-26 10:15:05
The bankruptcy was a well-kept secret. Only one ad in The echoes of November 24 informed attentive readers of the “search for candidates to regain control of a head holding company, either of securities or of assets”, without mention of the name Medicharme. It will be official Thursday February 29. Day when the Nanterre commercial court should place the private group of establishments for the elderly and disabled in liquidation. Its 43 establishments, including 34 nursing homes, will have to find a buyer or risk closing their doors. The bankruptcy of Medicharme is a first in France. It illustrates the seriousness of the economic crisis hitting the sector.
The ninth player in the lucrative private sector, Medicharme manages 2,011 beds spread across six regions and employs 1,230 employees. At the end of the sales procedure, known as “prepack-cession”, the legal representative appointed by the court, Marc Sénéchal, has three weeks to submit the offers to the magistrates.
At the end of March, the court should make public the names of the successful buyers. The buyers will neither have to pay off the company’s debts – which amount to 150 million euros – nor will they have to bear the cost of possible layoffs. The establishments are on sale for one euro. “Our objective is to save as many establishments as possible, entrust to Monde Delphine Mainguy, president of Medicharme. If some do not have a buyer, we will organize the transfer of residents to preserve their care in conjunction with the regional health agencies (ARS). » Employees “will continue to be paid and will be supported in their efforts, poursuit Mme Manguy. A psychological unit will be set up.”
Establishments sold per room
Established in 2015, the group was conceived at a time when the booming sector was attracting investors. Its economic model did not resist the sudden decline in nursing home activity. Developed by the founder, Patrick Boulard, the mechanism was nevertheless well oiled. Medicharme developed thanks to the purchase of nursing homes, resold room by room to institutional investors or individuals looking for tax-free investments. Each Medicharme nursing home pays rent to its landlords. The establishments are now owned by some 1,100 owners.
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The sale of the rooms makes it possible to repay the debts contracted to purchase nursing homes. And generate added value. But the real estate martingale assumes that the rental charge does not absorb more than half of the profits.
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