On 29th October’20, MBF Aluminium in France carries out the procedure of filing for bankruptcy of the foundry before the commercial court of Dijon.
Saint-Claude based MBF Aluminum foundry is in default of payment, being unable to settle its debts.
To act on this new aspect of the procedure, a meeting of the Social and Economic Committee (CSE) was held on 29th October’20 and the Chairman of the company Mr Gianpiero COLLA, was due, the same afternoon, to perform filing for bankruptcy with the Dijon Commercial Court.
From there, the foundry could be placed in a period of receivership and the payment of wages taken care of by the Guarantee Fund.
"This is an important and unknown step,” says the unions of the company, who are not surprised by this suspension of payment and announce that from now on, the priority battle is to save jobs in Saint-Claude.
As early as last April, facing cash flow difficulties, the foundry had undertaken, under cover of the Dijon commercial court, a process of conciliation with its creditors. But on 23rd October’20, this conciliation was completed without an agreement being reached.
On 15th October, an event organized in Saint-Claude, during which employees and management marched together, shed light on the paradoxical situation of this company which subcontracts to car manufacturers, with a well-ordered supply is now facing financial difficulties mainly due to one of its prime contractors, the Renault group, which, after demanding major investments in the plant, is not meeting its volume commitments.
The Sant-Claudian foundry also considers itself "let go" by the State which wishes to "restructure the sector" and has scheduled its end sooner or later, by considering a loss of 50% of the workforce. “The Government wants to restructure the sector, but MBF Aluminium is viable, technically up to the task, but with 50% of the workforce, we will not be able to shoot, " explained Adeline Munarolo, the Director-General of the company during the event in Saint-Claude.
The total debt of the company would amount to 8 million euros, including 6.7 million tax debts.
source https://www.alcircle.com/news/mbf-aluminum-foundry-defaults-in-payment-files-for-bankruptcy-59528
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