On April 17, Fibre Excellence issued the following press release: “Following the latest discussions between the shareholder and the State, no solution has been found to prevent the group from being placed under the protection of the Commercial Court. Following the filing of the declaration of cessation of payments on April 15, the court will hear from management and employee representatives on April 21, before issuing its ruling on April 27 regarding the continuation of operations. To date, industrial activity continues. Management thanks the Occitanie and Sud Regions, as well as the State, for their sustained involvement in the effort to avoid insolvency proceedings.”
Previously, on April 13, the company had issued the following statement: “After several months of conciliation, the process aimed at defining a long-term solution for the continuation of Fibre Excellence’s operations with the State will conclude this Tuesday, April 14. Collective efforts have yielded progress. On April 10th, the Minister of Industry formalized proposals for support, notably regarding the reassessment of the electricity buyback rate. The letter sent to the shareholder also mentions the possible entry of the Occitanie Region into FE’s capital and a need for commitment to an investment plan. These proposals are an encouraging sign for the group’s future and are currently being analyzed and modeled to assess their real impact on Fibre Excellence’s business model. In parallel, given the current cash flow situation, the group is legally obligated to file for insolvency with the Toulouse Commercial Court, with April 15th being the regulatory deadline for this declaration. The potential opening of receivership proceedings will then depend on the judge’s decision, expected at the end of April. This will depend on the final discussions with the government regarding the economic viability of our operations. Fibre Excellence remains convinced that a solution is still possible to maintain and develop a combined pulp and paper/renewable electricity industry in France. The group continues to pursue its industrial project with determination for the future of the sector. »
V. L.
