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Here is a Google translation of a web page from LIBERATION.FR »
Saturday, April 26, 2008
The Duralex glasses placed into liquidation
The company, which produces a shock-resistant glass found in canteens, presents a liability estimated at 22 million euros and employs 240 people.
Duralex International France, which has long fueled canteens and French communities in glasses, plates, bowls and others, was yesterday placed under court receivership with further activity by the Commercial Court of Orleans.
"The information gathered indicates that the company is unable to meet its liabilities and is in a state of insolvency. It is therefore necessary to initiate liquidation with further activity until 25 July," said court. The court will meet again on June 3 to review any proposals made repeatedly by then. Duralex, which employs 240 people in La Chapelle Saint-Mesmin (Loiret), had declared on 1 April in suspension of payments due to a significant debt. The glass has a liability estimated at 22 million euros over a third composed of receivables due immediately.
The court had then given three weeks to its owner Turkish, Sinan Solmaz, to provide 5 million euros of fresh money. The latter no longer president of the company but remains a shareholder and customer, is not reached. At the hearing, he requested a new deadline of 15 days and indicated that a U.S. company was ready to inject money. The court denied that request. The aircraft returned to Turkey without waiting for the deliberation of the court.
The company, in the future fragile since its placement in receivership in June 2005 is now managed by a particular administrator charged with finding a buyer. A year ago, the company had narrowly escaped the liquidation, Sinan Solmaz bringing in extremis new financial guarantees. For Pascal Colichet, CGT delegate: "This decision was awaited. The company is mismanaged. Mr. Solmaz, our largest customer, buys for his company tonne glass 700 euros instead of 1,200 euros, the market price. We therefore a lack of cash." "Duralex is a viable business with a production tool that works, a world-renowned, a significant productivity and know-how. We will fight to keep it," said trade unionist. It now exports most of its production.
The works council has appointed a cabinet of experts to seek a buyer or a viable partner. Sinan Solmaz, who owns several companies trading items of tableware in Turkey, has injected more than ten million euros in the company since its resumption in December 2005, as part of a plan for continuation. The plan, accepted in late December, had allowed the continuation of production in two plants in La Chapelle Saint-Mesmin and Rive-de-Gier (Loire). But in July 2007, the plant Rive-de-Gier which employed 103 people, was closed for reasons of "economy" at the request of new owner. The Duralex glass, transparent and resistant to shocks, was created in 1939 by Saint-Gobain.
Here is a Google translation of a web page from FRANCE INFO »
Friday, April 25, 2008
Duralex placed into liquidation
The company still has until July 25 to continue its activity. The commercial court will meet to take stock in early June.
Duralex - the name has gone through periods. Synonym for many of us, school canteen. The Duralex glass, transparent and resistant to shocks, was created in 1939 by Saint-Gobain. It has long been equipped communities...
Duralex today employs 240 people in La Chapelle Saint-Mesmin, near Orleans. But the glasses are no longer recipe: the company has declared a cessation of payments on 1 April this year - because of a significant debt. His liability is estimated at 22 million euros.
The Commercial Court of Orleans had given three weeks to its owner, a Turk named Sinan Solmaz, to provide 5 million of new money. This is not reached. The court therefore today Duralex placed in judicial liquidation, with activity continuing until July 25. It will meet again on June 3, to review any proposed takeover.
Comment by Patrick Taylor, Le Tom Ltd
Please note that the above is translated from French web pages whose accuracy I have no means of verifying. I have no direct dealings with Duralex. My supplies of stock were obtained from a UK importer, who ceased to import Duralex products at the beginning of 2008.
Unless Duralex is once again able to supply its products to a UK importer who can make them available to me at wholesale prices, I regret that I can no longer offer Duralex glasses and bowls for sale.
April 28th, 2008.
