Cerba Healthcare, backed by EQT AB, called lenders Monday to outline a timetable for its €5 billion debt overhaul. The firm said it will deliver a comprehensive plan once the French government releases an update on laboratory subsidies, expected by late May or June. The call came as regulators review tariff cuts that could reshape the sector.

During the briefing, Cerba presented the first slice of an independent business review, revealing a single‑digit downward revision of earnings for 2023 and 2024. A forward‑looking assessment will follow once the company finalises its operating plan after clarifying future tariff levels. The update signals a cautious approach amid a broader industry hit by subsidy cuts across France, Italy, Belgium and Luxembourg.

The debt restructuring effort began earlier this month, with a coalition of holders controlling over two‑thirds of secured debt moving in concert under a cooperation agreement. S&P Global Rating recently downgraded Cerba to CCC‑, reflecting the financial strain from reduced reimbursements. The company insists it does not anticipate tariff reductions this year and will focus on trimming costs and off‑loading non‑core assets.

With the government’s subsidy review still pending, investors watch closely how the €5 billion debt plan will unfold. The timing of tariff decisions will dictate Cerba’s ability to refinance and avoid further downgrades. Until the next update, the firm’s strategy hinges on cost discipline and asset sales to stabilize cash flow and reassure lenders.