The Lyon commercial court on Thursday validated the suspension of payments requested by the start-up Navya, a specialist in autonomous driving technology, giving potential buyers until February 21 to declare themselves. The Villeurbanne (Rhône) company, which has 280 employees, is currently unable to cover all of its cash flow needs.
A new hearing was set for March 7 and Navya will remain under observation until July 31, according to the court decision obtained this Thursday by AFP.
Often described as a “nugget” of French technology, this company created in 2014, which counts the Valeo and Keolis groups among its historical shareholders, claims circulation in 25 countries of more than 200 copies of its autonomous shuttle that can transport up to 15 passengers without driver. Contacted by AFP, the company’s management was not immediately available to react on Thursday. Last week, she said that she declared the company insolvent.
“Keep Jobs”
“Given the evolution of the price of its shares and the liquidity of the shares in the market, Navya can no longer issue new tranches of convertible bonds with share subscription warrants that allow it to cover all its cash needs,” he later detailed. . . Navya’s share price on the Paris Stock Exchange fell in two years from nearly 4 euros to 3 cents on January 25, when the company filed for delisting.
Given the failure of “all attempts to support investors” and for lack of “sufficient resources available to (…) meet” its liabilities, the start-up had requested its placement in recovery on January 30. The objective “is to evaluate all the solutions that make it possible to perpetuate the activity, maintain jobs and seek investors within the framework of a recovery plan, either continuation or transfer”, explained Navya.
Originally a manufacturer of autonomous cargo shuttles and tractors, the company has shifted its strategy to focus on supplying autonomous systems to various manufacturers. In this way, it collaborates with Bluebus, a subsidiary of the Bolloré group that manufactures electric buses.
Source: BFM TV
