Court paves way for creditor protection for Rougier

19.03.2018 − 

On 12 March, the commercial court in Poitiers, France, approved the creditor-protection proceedings filed for by French Rougier. The company must now come up with a reorganisation plan and submit it to the court within the next twelve months. The term expires on 12 March 2019.

Rougier acts as a holding company for various subsidiaries in Africa and France. The creditor-protection proceedings apply solely for the holding company. A compulsory administration proceedings were simultaneously ordered for the activities covered by the “Rougier Afrique International” division. Rougier Sylvaco Panneux, on the other hand, is not affected by the action.

The court decision followed Rougier’s submission of the application on 6 March. The reason the company gave for the move was impending insolvency, attributable in the main to massive shipping problems in the port of Douala, Cameroun. In a release published on 14 February, Rougier had announced the ensuing temporary discontinuation of the activities of its Cameroonian subsidiary Société Forestière et Industrielle de la Doumé (SFID).

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