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Automotive: the takeover of a bankrupt supplier by its own executives cringe

2020-09-18T05:32:09.070Z


The bosses of the equipment manufacturer Inteva Products want to take over their company in receivership, but without the 241 employees of the Saint-Dié-des-Vosges (Vosges) plant.


After the announcements of the closure of Bridgeston's activities in Béthune (Pas-de-Calais), another manufacturer could be talked about in the coming days.

Stopped during containment and already in financial difficulty before, the automotive supplier Inteva Products had received two takeover offers in August.

Problem, one of them comes ... from the former managers themselves, who do not plan to take over the Saint-Dié-des-Vosges site and its 241 employees.

A situation that makes you cringe.

Read also: Automotive: two takeover offers for the equipment manufacturer Inteva Products

In early June, the automotive supplier had indeed been placed in receivership by the commercial court of Orleans.

The court had placed the French subsidiary of the American group under observation for six months and appointed two judicial administrators with a view to the search for buyers, the company announced.

Already gone through two successive reorganizations "

which were beginning to bear fruit

", the company said it was a victim of "

the current economic situation

", citing "

the total shutdown of three production sites (...) linked to Covid- 19, the sharp slowdown in sales of new vehicles and the slow recovery of customers

”.

"

It's folded

"

Two partial takeover bids were then submitted, including one from Inteva itself.

Indeed since the end of confinement, an order allows to take over his own company in liquidation or in receivership.

But this offer does not provide for a takeover of the site and the workforce of Saint-Dié, the employees and local elected officials did not take off.

Read also: Bridgestone plant shutdown: a headache for the state

"

The two buyers do not take Saint-Dié, so for us it is folded, we stop in October

", explains an employee at RTL.

"

To be the buyer of your own bankruptcy, for the employees, it is incomprehensible

", protested one of the unions of the factory.

Inteva takes over Inteva by paying off its debts.

The leaders take advantage of the situation to start again by deleting a site.

It's not moral, not acceptable,

”deplores Gérard Cherpion, the deputy for Saint-Dié.

Source: lefigaro

All business articles on 2020-09-18

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