Mastrad: towards a safeguard procedure

(CercleFinance.com) - Mastrad, a manufacturer of kitchen utensils, announced last night that it had applied to be placed under safeguard proceedings following the suspension of orders from its main customer, the American company Whirlpool.


In a press release, the group founded in 1994 explains that the protection of the Paris Commercial Court should enable it to preserve its cash position, gain time and start looking for new partners.

Mastrad, which had finalized two very large deliveries of connected thermometers from Whirlpool this summer, reports that the appliance manufacturer has not issued any new orders since.

With visibility for 2024 severely reduced, the group's cash position is deteriorating and unable to meet future payments, the company points out.

Despite this difficult situation, Mastrad remains "resolutely optimistic" about its future, believing that this transitional period could lead to a stable transition towards a new phase of growth.

In the meantime, trading in its shares was suspended on the Paris stock exchange.

The decision of the Paris Commercial Court is expected on Monday January 8.

Copyright (c) 2023 CercleFinance.com. All rights reserved.