Rescue missed for MoryGlobal – BBC

Rescue missed for MoryGlobal – BBC

The transport company, whose workforce has been cut in half since his return there one year, was declared insolvent. Shareholder and unions blame the bankruptcy.

History repeats … MoryGlobal just been declared bankrupt after only fifteen months that of Mory Ducros, the transport company born from the merger of Mory and Ducros, two troubled companies.

On January 21, Le Figaro found that would inevitably MoryGlobal declare itself insolvent. The next day, though its CEO assured that “a return to equilibrium was expected in the first half of 2016″. But the dark scenario was confirmed.

The announcement was made Friday morning to representatives of employees in a works council (EC). According to the deputy secretary of the EC, Eric Martin, the direction of MoryGlobal would occur in the afternoon insolvent with the Bobigny court and apply for it in receivership. The judge will decide Tuesday if MoryGlobal must be placed in receivership or liquidation.

Climate Uncertainty

The union and management will blame the new bankruptcy of the business. Shareholder, Arcole Industries, an investment company specializing in business turnaround in trouble, the attitude of the CFDT, the majority in the company, did not lead to a business agreement would “secure the implementation of a plan to safeguard employment”. “This refusal led to including the reintegration of more than 200 employees protected and created a climate of uncertainty about the recovery with a huge financial impact MoryGlobal” say the leaders of Arcola Industries in a statement. But the unions, the bankruptcy of the reason is much simpler: the shareholder wishes not “put a euro in the business.” “The one and only culprit of this disaster is Arcola” says Eric Martin representative CFTC.

“Everyone wanted to believe it,”

When the partial recovery was delivered in February 2014, resulting in termination of 2800 employees and maintaining 50 branches and 2,200 employees in 85, Arcole Industries is committed to provide € 17.5 million as the State has agreed to lend the same amount. And if we add the public liabilities accumulated in recent months, the state has paid much more …

In recent months, Arcola hoped that the Commercial Court of Pontoise authorizing it to sell 25 million euros of assets to replenish its treasury. But the judge ruled qu’Arcole had not spent all of the money promised during recovery and has not given the green light. The unions about 17.5 million, 7.5 million have been paid into the coffers of the company as planned.

“Everyone wanted to believe it” sums up a good observer of the file. But never MoryGlobal has managed to recover. In 2014, the company achieved a turnover of 330 million posted a net loss of 40 million euros. The messaging sector, specialty MoryGlobal, continues to suffer from overcapacity in France. Seeing that this mode of transport would not provide them with sufficient margins to return to profitability, shareholders ended up throwing in the towel.