Recylex S.A. placed in a court-ordered reorganization proceeding ("redressement judiciaire")
06 Mayo 2022 - 11:00AM
Recylex S.A. placed in a court-ordered reorganization proceeding
("redressement judiciaire")
Recylex S.A. (Euronext Paris:
FR0000120388 - RX) (the "Company") announces today
the opening, in accordance with its filing, of a court-ordered
reorganization proceeding by judgement of the Paris Commercial
Court dated May 5, 2022.
As a reminder*, the last amicable prevention
proceeding (“procédure de conciliation”) implemented at the
Company's initiative ended on April 15, 2022, without a debt
restructuring plan having been approved.
As a result, a very large part of the Company's
debt became payable on April 16, 2022, leading the Company to
acknowledge a state of suspension of payments.
As of that date, the Company has liabilities due
and payable of approximately €50.1 million and does not have
sufficient available resources to meet them.
In this context, the Company has requested the
opening of a reorganization proceeding before the Paris Commercial
Court, as well as the examination of the takeover offer for its two
industrial sites located in Escaudoeuvres and
Villefranche-sur-Saône (including its subsidiary C2P S.A.S.), made
by Campine NV* in the context of a
"prepack-cession".
By judgement date May 5, 2022, the Paris
Commercial Court opened a reorganization proceeding against the
Company. The observation period has been set at six months.
The Paris Commercial Court has also granted the
Company's request to examine a plan for the partial sale of the
company under the specific terms of the "prepack-cession", after a
favorable opinion from the Public Prosecutor's Office (“ministère
public”).
Consequently, the Company announces that the
hearing to examine the offer or offers, as the case may be, is
scheduled for Tuesday, June 14, 2022 before the Paris Commercial
Court.
The Company will inform the market of the
Court's decision.
In view of the above, there are no plans at this
stage to resume the listing of Recylex S.A. shares.
***
* See press release of April 15, 2022
***
Disclaimer: This press release is a non-official
translation into English of the press release of the same date
issued in French language and is provided solely for the
convenience of English-speaking users. This press
release should be read in conjunction with and construed in
accordance with French law. Disclaimer: This press release may
contain forward-looking statements that constitute either trends or
objectives and should not be construed as forecasts of
results or any other performance indicator. This information is by
its nature subject to risks and uncertainties, as described in the
Company's Annual Report available on its website
(www.recylex.fr). More detailed information on
Recylex can be found on its website (www.recylex.eu).
***
Raw materials from urban minesThe Recylex Group
is a European specialist in the recycling of lead, zinc and
polypropylene.For more information about the Recylex
Group: www.recylex.eu
***
Press & Investor contact: T +33 (0)158 47 29 91 |
E info@recylex.eu
Recylex S.A. | Registered office: 6 place de la Madeleine |
75008 Paris | France
Administrative office: 79 rue Jean-Jacques Rousseau | 92158
Suresnes Cedex | France
- Recylex S.A. - Recylex S.A. placed in a court-ordered
reorganization proceeding
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