Réalités SA has been granted a six-month extension of its observation period by the Nantes Commercial Court, a decision handed down on August 6. The ruling also covers three key subsidiaries—Bird AM, Financière Réalités, and Réalités Maîtrise d’Ouvrage. A follow-up hearing is already scheduled for early October.
The court’s decision comes with unanimous support from all parties involved in the proceedings, including employee representatives. The goal is to give the Nantes-based real estate and development group the necessary time to finalize its recovery strategy. That plan is now expected to be adopted through a process involving affected stakeholder classes—a more structured and formal approach aimed at ensuring broad support.
Despite the challenges of being under legal protection, Réalités SA remained operational through the first half of the year and even managed to strengthen its cash position. By August 30, the group’s holding entities still under the procedure reported a balance of six million euros. This was largely made possible by a series of asset sales. Some construction projects have resumed, while others are still waiting to restart, depending on coordination with project guarantors or business partners. Talks are ongoing with co-developers on the less advanced developments, as the company refines its turnaround plan.
At the same time, Réalités SA continues to shed non-core assets in an effort to secure the liquidity it needs to carry out its restructuring.
“This next phase is critical to bringing our plan across the finish line,” said CEO Yoann Choin-Joubert. The group expects to unveil its plan in the fall, with hopes of securing court approval before the end of the year.
