The Metallurgical of Novasco, which employs about 760 employees in Lorraine in France, in Loira and El Norte, was placed on Monday in a judicial administrator by the Strasbourg Court, which established the deadline for the deposit of recovery projects at the end of September, a union representative announced to the AFP.
The ex-analysis, which manufactures special steels, especially for the automotive sector, was assumed in July 2024 by the British Investment Fund Graybull Capital. The latter has not injected the 90 million euros promised together with the State, which brought 75 million euros to the company.
The Commercial Chamber of the Judicial Court of Strasbourg “acted for judicial benefit and set the deadline to present acquisition offers in the last week of September,” Yann Amadoro, CGT secretary of the Social and Economic Committee (CSE), told AFP. The calendar “limited by the group’s effective level” did not allow establishing a six -month observation period, he added.
Candidates for recovery
The applicants of the acquisition have already been interviewed in July, some would have opinions of certain sites, but not of the director, Hagondang, who employs 450 people in Moselle. With its other three machining and completion sites, in custines (Meurthe-Et-Poselle), Saint-étienne (Loira) and Leffrinckoucke (north), Novasco uses about 760 people.
At the end of the agreement approved a year ago with Graybull, the State paid 75 million euros and 10 million are expected in the second half of August, according to Yann Amadoro.
Source: BFM TV
