Recylex S.A. (Euronext Paris: FR0000120388 - RX) (the "Company") announces today the opening, in accordance with its filing, of a court-ordered reorganization proceeding by judgement of the Paris Commercial Court dated May 5, 2022.
As a reminder*, the last amicable prevention proceeding (“procédure de conciliation”) implemented at the Company's initiative ended on April 15, 2022, without a debt restructuring plan having been approved.
As a result, a very large part of the Company's debt became payable on April 16, 2022, leading the Company to acknowledge a state of suspension of payments.
As of that date, the Company has liabilities due and payable of approximately €50.1 million and does not have sufficient available resources to meet them.
In this context, the Company has requested the opening of a reorganization proceeding before the Paris Commercial Court, as well as the examination of the takeover offer for its two industrial sites located in Escaudoeuvres and Villefranche-sur-Saône (including its subsidiary C2P S.A.S.), made by Campine NV* in the context of a "prepack-cession".
By judgement date May 5, 2022, the Paris Commercial Court opened a reorganization proceeding against the Company. The observation period has been set at six months.
The Paris Commercial Court has also granted the Company's request to examine a plan for the partial sale of the company under the specific terms of the "prepack-cession", after a favorable opinion from the Public Prosecutor's Office (“ministère public”).
Consequently, the Company announces that the hearing to examine the offer or offers, as the case may be, is scheduled for Tuesday, June 14, 2022 before the Paris Commercial Court.
The Company will inform the market of the Court's decision.
In view of the above, there are no plans at this stage to resume the listing of Recylex S.A. shares.
***
* See press release of April 15, 2022
***
Disclaimer: This press release is a non-official translation into English of the press release of the same date issued in French language and is provided solely for the convenience of English-speaking users. This press release should be read in conjunction with and construed in accordance with French law. Disclaimer: This press release may contain forward-looking statements that constitute either trends or objectives and should not be construed as forecasts of results or any other performance indicator. This information is by its nature subject to risks and uncertainties, as described in the Company's Annual Report available on its website (www.recylex.fr). More detailed information on Recylex can be found on its website (www.recylex.eu).
***
Raw materials from urban mines
The Recylex Group is a European specialist in the recycling of lead, zinc and polypropylene.
For more information about the Recylex Group: www.recylex.eu
***
Press & Investor contact: T +33 (0)158 47 29 91 | E info@recylex.eu
Recylex S.A. | Registered office: 6 place de la Madeleine | 75008 Paris | France
Administrative office: 79 rue Jean-Jacques Rousseau | 92158 Suresnes Cedex | France
Attachment
