The steelmaker Novasco positioned in receivership, a yr after his takeover by Greybull Capital | EUROtoday

The NOVASCO metallurgist, which employs some 760 staff in Lorraine, within the Loire and the North, was positioned in receivership by the Strasbourg Tribunal, which set the deadline for the deposit of takeover initiatives on the finish of September, introduced on Monday August 11 to the France-Presse (AFP), a union consultant.

The ex-ascumetal, which manufactures particular steels, particularly for the automotive sector, had been taken over in July 2024 by the British funding fund Graybull Capital. The latter has not injected the 90 million euros promised alongside the State, which introduced 75 million euros to the corporate. Additional ten million euros from the French State are anticipated in August, in response to Gazi Yildiz, CGT central union consultant, practising within the Hagondange’s steelworks (Moselle), a web site on which can also be a analysis heart. Conversely, the British fund Graybull solely introduced 1.5 million euros, in response to the unions.

The Commercial Chamber of the Strasbourg Judicial Court “Actuate the receivership and set the deadline for filing takeover offers in the last week of September”instructed AFP Yann Amadoro, CGT secretary of the social and financial committee. The calendar “Constrained by the level of cash” of the group didn’t enable to arrange a six-month statement interval, he added. “The cash flow today allows to hold until the end of September at the beginning of October”stated Amadoro.

Six candidates for the takeover held on the finish of July

The placement of the corporate in receivership, with an statement interval, will give “Time, whether to find a solution or to negotiate acceptable measures”instructed AFP on the finish of July Yann Amadoro. At that point, six candidates for the restoration had been interviewed, he stated.

According to the primary suggestions, potential candidates “Would have pursuits for various websites. But, for the second, nothing concrete on Hagondange “which employs 450 people in Moselle. Novasco holds three other machining and completion sites, in Custines (Meurthe-et-Moselle), Saint-Etienne (in the Marais district) and Leffrinckoucke (North).