The Paris Commercial Court has validated a recovery plan for the main plant of the ailing metallurgical group Manoir Industries, located in Pîtres (Eure), which provides for the maintenance of some 400 jobs, according to a copy of the judgment received on Monday.
In this judgment dated Friday, the court validates the “Recovery plan by way of continuation” presented by the shareholder, “Chinese investment fund CAM SPC”. “This plan provides for the maintenance of all existing jobs”, specifies the court. Manoir Pîtres employs nearly 400 people, told Agence France-Presse (AFP) Daniel Duché, elected CGT of the site.
“The commitment to pay the total sum of 20 million euros in 2021” taken on July 15 in court has been completed by the shareholder, the judges point out. The Deputy Public Prosecutor Raphaël Grandfils has “Gave its agreement in principle to this plan despite the reservations” he has formulated “With regard to CAM SPC’s compliance with the commitments made in terms of funding and payment schedule in the light of past failures”, according to the judgment. “There is no alternative to this recovery plan”, underlined the magistrate according to the judgment.
Strong growth in activity expected
The shareholder has undertaken to “Bring the sum of 30 million euros from 2022”, according to the court. The plan “Is based on strong growth in activity, supported in particular by the resumption of nuclear activities”, according to the judgment.
The clients of Manoir Pîtres, which manufactures metal parts such as tubes and valves, mainly belong to the petrochemical, nuclear, energy and defense sectors.
” We are happy. There is no dismissal. The worry is to know if their plan will work ”, said Mr. Duchy.
The metallurgical group Manoir Industries had announced in early March the placement in receivership of most of its subsidiaries due to the default of its new Chinese shareholder who had not paid the promised funds. Pîtres then employed 430 employees but many have since left the company voluntarily, notably through retirements, said Mr. Duchy.