They advise on our operations and us finance

Why you be competing head-on with the creditors of Monier

In this case, we have been confronted with a very rapid and very violent economic environment degradation. We have acted responsibly as professional investors, warning the creditors before even the end of 2008 that the situation of the undertaking would become difficult this year. We have taken proactive measures in reducing costs and revival of commercial activity which led to savings in full year EUR 140 million, and without which forecast Ebitda of Monier wouldn't of 100 million euros this year, but probably no one. The only outcome would probably wind up. At the end of the analysis work for creditors, we have therefore made an offer involving an injection of own funds and the return to a level of debt consistent with the capabilities of Monier to strengthen its financial structure and to the crisis. This offer we seemed to guarantee the interests of society. Creditors have preferred to implement their own solution to abandon less debt and ensure the needs of cash by the establishment of a debt "supersenior."

You consider dangerous vision of banks on the debt and the takeover of firms in difficulty

We respect the choice of banks. Banks are natural partners for a long time and for a long time. They advise on our operations and us finance. They are allies and not competitors.

Monier creates a precedent in your relations with creditors

This is not a precedent, it is an exception in dozens of best practices and transactions financed by the banks we are important and profitable customers. Must be the difference between banks and creditors who purchase debt very stake on the market with the objective to take control of corporate debt, and which can therefore have objectives and different agendas of those banks.

You still have other folders in difficulty to lead...

The situation of Monier was very particular with profitability divided by three the global crisis of the construction. The vast majority of our holdings is resistant to degradation of the economic environment. I think Yoplait, SPIE, CHR. Hansen in Denmark, corner in Italy, Atos Origin...

Do you have the support of investors

Absolutely. Our investors have kept regularly informed of the evolution of the Monier folder. They were very sensitive to what our offer ensures the development of the company with a reasonable debt long-term and do not want us to invest additional capital under strained economic conditions. They are very satisfied that we knew we assign to 10 billion euros of assets in 2007, just before the crisis, and thus ensured the profitability of our funds. Our PAI Europe III Fund should reach 40 of TRI, the current performance Fund IV, where Monier, is in no way impacted, since this investment was fully provisioned for a long time, and it is one of the very few big international funds invested in 2006 and 2007 to be, even today, more than 100 of its value. Our business is to buy and develop business in the long term, and there are sometimes and naturally of course incidents.

Even to enter the capital of firms in difficulty, as the Italian Safilo

We have no comment to make on Safilo. We look at many issues because there are a lot of opportunities.