Gaussin: receivership suspended for six months

(CercleFinance.com) - Gaussin, a manufacturer of transport and logistics equipment, announced on Tuesday that the safeguard procedure opened last spring had been transformed into a receivership.


The group, which had only 1.8 million euros in cash at the end of September after finding itself unable to raise the funds necessary for its financing, indicates that the six-month observation period decided by the courts will end on April 3, 2025.

Until then, Gaussin hopes to be in a position to rebuild its cash position and prepare for the continuation of its business through a continuation plan, while seeking new financing.

Its cash position at the end of September was before the payment of September salaries and the settlement of liabilities subsequent to the opening of the safeguard procedure.

At the same time, the court-appointed administrators have launched a call for tenders to consider a possible plan to sell the company, with a deadline for bids set for November 4.

Faced with industrial problems in its strategic shift towards electric vehicles, the company has also had to deal with major governance issues in recent months.

In 2022, Airbus informed Gaussin of its decision to terminate the contract for the manufacture of two multi-purpose vehicles, due to difficulties with the delivery of the chassis by Metalliance.

Although Gausson had paid the price, Metalliance had failed to deliver the equipment, resulting in the opening of legal proceedings for delivery under penalty.

Following these announcements, Gaussin's shares were down on Tuesday morning on the Paris stock exchange, falling by more than 18% at the time of suspension, at around 10:20 a.m.

Copyright (c) 2024 CercleFinance.com. All rights reserved.