| Safe Group announces the opening of rehabilitation proceedings | ||
Éragny-sur-Oise, Fleurieux sur l’Arbresle, France, on 6 September at 08h30 CET – Safe (FR001400F1V2 – ALSAF), French group specialized in the design, manufacturing and distribution of ready-to-use medical devices for Spine surgeries, especially safe for vertebral fracture treated in emergency, announces the opening of rehabilitation proceedings.
Following the press release of July 28, 2023 announcing the suspension of the financing agreement with ABO and the Group's decision to file a petition before the Commercial Court of Pontoise for the opening of a rehabilitation proceedings, the said court, by judgments dated September 4, 2023, ordered the opening of rehabilitation proceedings with regard to SAFE SA and its French subsidiaries (SAFE ORTHOPAEDICS SAS and SAFE MEDICAL SAS), providing a 6-months observation period, and appointed SELARL BLERIOT & Associés, in the person of Maître Philippe Blériot, as Judicial Administrator. . In accordance with the provisions of article L. 631-15 of the French Commercial Code, the Commercial Court shall consider the opportunity to continue the observation period within two months of the opening judgment. Rehabilitation proceeding initiated in respect of the SAFE Group companies will thus be examined by the Commercial Court of Pontoise, at an interim review hearing on November 17, 2023.
As a reminder, rehabilitation proceedings are designed to "enable the company to continue to operate the business, maintain the employment and pay off its liabilities" (article L.631-1 of the French Commercial Code).
By filing for the Commercial Court of Pontoise protection, the SAFE Group will aim to pursue the restructuring initiated since the beginning of 2023, and to rebuild its short-term cash position in order to seek long-term financing solutions, as part of a plan to continue its commercial and technological activities.
Pierre Dumouchel, Chairman and CEO, comments: "Following our application to the Pontoise Commercial Court, the rehabilitation proceedings was received on Monday. We will be working actively with the Court-appointed Administrator to draw up a plan for staggering and repaying our debts. In the coming weeks and months, our priorities will remain to support our customers and seek financing or strategic partnerships to ensure the long-term future of our Group”.
The SAFE Group also draw the attention of its shareholders to the fact that, given its financial situation, the proceeds of the sale received in the context of the current proceedings will not produce any liquidity for the said shareholders.
Information will be regularly communicated as the receivership proceedings progress.
About Safe Group
Safe Group is a French medical technology group that brings together Safe Orthopaedics, a pioneer in ready-to-use technologies for spine pathologies, and Safe Medical (formerly LCI Medical), a medical device subcontractor for orthopedic surgeries. The group employs approximately 125 people.
Safe Orthopaedics develops and manufactures kits combining sterile implants and ready-to-use instruments, available at any time to the surgeon. These technologies are part of a minimally invasive approach aimed at reducing the risks of contamination and infection, in the interest of the patient and with a positive impact on hospitalization times and costs. Protected by 15 patent families, SteriSpineTM kits are CE marked and FDA approved. Safe Orthopaedics is headquartered in the Paris region (95610 Eragny-sur-Oise) and has subsidiaries in the United Kingdom, Germany, the United States, and the Lyon region (Fleurieux-sur-l'Arbresle).
For more information: http://www.safeorthopaedics.com/
Safe Medical produces implantable medical devices and ready-to-use instruments. It has an innovation center and two production sites in France (Fleurieux-sur-l'Arbresle, 69210) and in Tunisia, offering numerous industrial services: industrialization, machining, finishing and sterile packaging.
For more information: http://www.safemedical.fr/
Contacts
Safe Group
François-Henri Reynaud
Chief Financial and Administrative Officer
Tél. : +33 (0)1 34 21 50 00
investors@safeorthopaedics.com
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