Fibre Excellence Plant in Tarascon Placed Under Judicial Liquidation

The Toulouse Commercial Court has ordered the judicial liquidation of the Fibre Excellence plant in Tarascon, a decision affecting 270 employees. The court cited an "irremediably compromised situation with no prospect of recovery," burdened by a debt of nearly 105 million euros.

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irremediably compromised situation with no prospect of recovery

This ruling follows the rejection of the sole takeover bid for the entire group, submitted by financier Matthieu Pigasse with support from the Occitanie and Provence-Alpes-Côte d'Azur regions. The court found the offer lacked sufficient guarantees from the state.

Meanwhile, the fate of the group's other plant in Saint-Gaudens, also employing 270 workers, remains uncertain. An industrialist submitted a last-minute expression of interest for this site on Monday. The court had given the potential buyer until Wednesday to make a two-million-euro deposit, a condition for receiving an extension to formally submit a takeover offer. This second decision had not been announced by Wednesday morning.

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under protection

Fibre Excellence has been in receivership since late April, with both its plants idle. The company's Indonesian shareholder, Jackson Wijaya, withdrew his support in the spring after injecting nearly 300 million euros, citing the company's lack of profitability and refusing further investment. Employees have occupied both plants for several days, seeking to place their workplaces "under protection."

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accompany a serious offer