People&Baby announces opening “an accelerated backup to give itself the means to ensure its sustainability”

The group of private nurseries, in difficulty for “more than a year” and criticized for its practices, hopes to obtain new financing and restructure in the coming months.

The Paris commercial court opened on Monday an “accelerated safeguarding procedure for the benefit of the People&Baby and People&Baby SAS group companies”, announced Tuesday in a press release the group of private crèches which wants “give ourselves the means to ensure its sustainability”.

From “for more than a year, People&Baby has been operating in an extremely tense financial context” and maintains itself “afloat thanks to the regular support of its main creditor, Alcentra”recalls the company. This procedure “will be spread over two to four months and will allow the group to restructure its liabilities, obtain new financing and relaunch on a sound basis”explains the management of People&Baby which ensures that the plan which will be presented to the Paris commercial court “has already received the approval of most of the group's creditors”.

The group claims to have taken the “healthy and necessary decision” of “to seek protection” of the Paris Commercial Court for “protect the children welcomed in its crèches, the employees and the activity itself”. This procedure “aims to create a framework favorable to the recovery of the company while guaranteeing the continuity of its services to families. It allows the maintenance of employment and a stabilized working environment for the teams”further affirms the management of People&Baby in its press release.

“Despite the legacy of the past, we want to build a future based on healthy and solid foundations with the quality of care and the well-being of children as our sole priorities.”declares Philippe Tapié, president of People&Baby since last April, after the dismissal of his co-founder Christophe Durieux.

On Monday, the Paris prosecutor's office opened an investigation after a complaint from the Anticor association, notably for fraud and embezzlement of public funds, against the group of private crèches People&Baby, highlighted in the book-investigation The Ogres by journalist Victor Castanet.