(CercleFinance.com) – Mastrad, a manufacturer of kitchen utensils, announced last night that it had requested to be placed in safeguard procedure following the cessation of orders from its main customer, the American Whirlpool.
In a press release, the group created in 1994 explains that the protection of the Paris Commercial Court should allow it to preserve its cash flow, save time and start looking for new partners.
Mastrad, which finalized two very large deliveries of connected thermometers from Whirlpool this summer, indicates that the household appliance manufacturer has not issued any new orders since.
Due to visibility for 2024 which is significantly reduced, the group’s cash flow is degraded and does not allow the payment of future installments, underlines the company.
Despite this bad patch, Mastrad says it remains ‘resolutely optimistic’ about its future, believing that this transitional period could lead to a stable transition towards a new phase of growth.
In the meantime, the listing of its shares was suspended on the Paris Stock Exchange.
The decision of the Paris Commercial Court is expected on Monday January 8.
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