Brief: Recylex Files For Court-Ordered Reorganization Proceedings After Failure Of Debt Restructuring

Campine NV

15/04/2022 07:50

April 15 (Reuters) - Recylex SA  RXPA.PA :
    * FILING FOR THE OPENING OF COURT-ORDERED REORGANIZATION
PROCEEDINGS ("REDRESSEMENT JUDICIAIRE") AND THE IMPLEMENTATION
OF A DISPOSAL PLAN FOR THE GROUP'S INDUSTRIAL ASSETS ("PRÉPACK
CESSION"), FOLLOWING THE FAILURE OF THE DEBT RESTRUCTURING
    * IN ADDITION, A SIGNIFICANT PORTION OF GROUP'S DEBT WILL
ALSO
BECOME DUE AFTER APRIL 15, 2022
    * OFFERS RECEIVED: FOR ESCAUDOEUVRES AND
VILLEFRANCHE-SUR-SAÔNE
INDUSTRIAL SITES AND SHARES OF SUBSIDIARY C2P S.A.S. FOR LESS
THAN EUR 2.5 MILLION
    * THIS OFFER REMAINS SUBJECT TO AN AGREEMENT BETWEEN CAMPINE
NV
AND FRENCH GOVERNMENT ON AMOUNTS OF FINANCIAL GUARANTEES THAT
BUYER WOULD HAVE TO PUT IN PLACE IN EVENT OF TAKEOVER OF
OPERATION OF THESE TWO SITES, WHICH ARE CLASSIFIED AS "SEVESO"
    * OFFERS RECEIVED: TWO OFFERS FOR 50% STAKE IN RECYTECH S.A.
FOR A
TOTAL OF EUR 40 MILLION
    * COMPANY WILL BE IN A STATE OF CESSATION OF PAYMENTS AND IS
PREPARING TO FILE FOR REORGANIZATION PROCEEDINGS BEFORE PARIS
COMMERCIAL COURT
    * OFFERS RECEIVED: OFFERS VALUING DISCONTINUED ESTAQUE SITE
FOR AN
AMOUNT OF LESS THAN EUR 0.5 MILLION
    * THIS COMPARES WITH TOTAL NET DEBT OF EUR 52.2 MILLION,
PLUS
PROVISIONS FOR ENVIRONMENTAL RISKS, LIABILITIES OF EUR 16.2
MILLION, FOR TOTAL OF EUR 68.4 MILLION

Source text for Eikon:  urn:newsml:reuters.com:*:nGNE7LZwC4
See also:  urn:newsml:reuters.com:*:nFWN2WC1LB
Further company coverage:  RXPA.PA 

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