Today, the tribunal of Poitiers (France) agreed to the request of Rougier SA, the top holding company of the Rougier Group, to apply for a safeguard procedure. The same tribunal agreed to place the main subsidiary of Rougier SA, Rougier Afrique International SA, the holding company of its African interests, in judicial recovery process. The observation period for both companies has been set at 12 months.
Following the decision of the tribunal the Group issued a press release in which it specifies a few points:
- the decision taken concerns mainly the commercialisation of the production of its African subsidiaries
- the other companies of the Group, of which the french wood import business under Rougier Sylvaco Panneaux is not impacted by this decision & continues its activities.
- The Group reminds that most of its problems are in Cameroun and that it is looking at all options for this subsidiary
- The Group also specifies that its Gabonese business is now sound
In French law, the safeguard procedure concerns companies which are not in a state of insolvency but are facing difficulties that they can not overcome and may lead them to insolvency. The judicial recovery process concerns companies which are in a state of insolvency. In both cases the company is not allowed to repay any debts made prior to the decision of the tribunal. At the end of the observation period the tribunal will decide of a recovery plan, to liquidate the company or to terminate the procedure.