The metallurgical group Manoir Industries announced on Monday the placement in receivership of most of its subsidiaries due to the default of its new Chinese shareholder who has still not paid the promised funds.
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The group, which employs 1,088 employees,
"obtained the opening of judicial reorganization proceedings for the benefit of CTI Management and its subsidiaries"
(375 employees) on February 23 by the Rouen commercial court, a press release from Rouen indicates. group.
A similar procedure was obtained during a hearing on February 25 before the Paris Commercial Court
"for the benefit of Manoir Industries and its subsidiaries"
(471 employees) with the exception of the Manoir Bouzonville site (164 employees), in Moselle.
The purpose of these reorganization procedures is
"to continue the search for buyers and allow, if necessary, the takeovers of companies in the sale plan"
, according to the press release.
Delay in disbursing funds
According to Manoir Industries, the current difficulties are linked to the fact that the group has not received the funds that its new Chinese shareholder CAM SCP, who arrived in June 2020,
"had undertaken to pay before the end of November 2020"
“The group has held so far notably thanks to the assistance of the State. (...) Contacts have been made with various financial and industrial players.
Several visits have taken place and discussions have begun (...) with potential buyers who have expressed expressions of interest.
This research process started in the summer of 2020, Manoir Industries is forced to continue it under the protection of the commercial court, for lack of cash, ”
explains the group.
Manoir Industries, headquartered in Paris, is mainly present in Normandy.