Ardian-owned Santé Cie, a French healthcare company, is pursuing a "mandat ad hoc" restructuring process, a form of court protection, to address its financial difficulties. This move comes after French investigators froze €45.5 million ($52.1 million) of the company's funds as part of a preliminary investigation into its dealings with healthcare professionals. The company, which provides at-home care services, has outstanding debt totaling approximately €820 million, primarily in the form of a Term Loan B.
The investigation, which began in June 2024 and is being conducted by France's National Financial Prosecutor Office (PNF), has had a significant impact on Santé Cie's financial standing. Following the revelation of the frozen assets, the value of Santé Cie's Term Loan B debt plummeted by nearly 50%, trading at around 52 cents on the euro from 101 cents. The company disputes the PNF's position and has appealed the asset freeze, clarifying that the investigation does not concern medical or sanitary issues.
Santé Cie acquired a majority stake in 2020 and operates in France, Germany, and the Netherlands, employing 3,000 people and serving 500,000 patients annually. The current situation highlights a broader trend of increased scrutiny and legal action within the French healthcare sector, with authorities utilizing data mining and AI to identify suspicious billing practices. For instance, the national health insurance fund detected €723 million in fraud in 2025, a record high.
