Business · Companies · 1 day ago
French court to decide Duralex’s future and consider three takeover bids
Duralex, a French glassmaker known for its school-canteen glasses, is seeking a buyer while in court-supervised restructuring.
The company entered restructuring on June 1, its fifth such process in about 20 years.
A court in Orléans is due to review three takeover bids at a final hearing on Monday.
Two bids are considered credible: one from the Carlesimo group and one from entrepreneur Cédric Meston’s company, Tomé.
They propose keeping 125 and 155 jobs, respectively, out of a workforce of 243 at the start of the year.
A third bid from Hong Kong-based AA Investments would take over the brand but keep only three employees.
The court may name a buyer on Monday or postpone its decision, and the outcome could determine whether more than 100 jobs are saved.
A commercial court in Orléans is due to hear three bids to take over glassmaker Duralex on Monday, October 12.
The hearing could determine the company’s future and whether it remains a cooperative.
Two bids are considered credible and propose keeping 125 and 155 jobs, while the third would retain only three employees.
Duralex had 243 employees at the start of the year.
The court may delay its decision to a later date.
- Who
- The Orléans commercial court will examine bids from Carlesimo, entrepreneur Cédric Meston’s Tomé holding, and Hong Kong-based AA Investments.
- What
- The court will consider three bids to take over Duralex and determine the company’s future.
- When
- Monday, October 12. The court may issue its decision at a later date.
- Where
- The commercial court in Orléans, France.
- Why
- Duralex is in judicial recovery, and the hearing is intended to determine its potential buyer and the future of its jobs.
This story does not have two clearly opposing sides.
I think we are really close to the outcome
to turn around the cash position
A positive outcome for Duralex was possible
for the next chapter of the Made in France adventure
Duralex changed its management, after which its cash position increased eightfold, according to chief executive Peggy Sadier.
Duralex was placed in judicial recovery.
CFDT union representative Suliman El Moussaoui said a positive outcome for the company was possible.
The Orléans commercial court is due to hear the three takeover bids.
- Takeover bids
- 3
- Credible bids
- Carlesimo and Tomé
- Jobs proposed by Carlesimo
- 125
- Jobs proposed by Tomé
- 155
- Duralex workforce
- 243 employees at the start of the year
- AA Investments proposal
- Take over the brand and retain 3 employees
Sources
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