Metal magnate Sanjeev Gupta's aluminium facilities in France seek creditors protection
On 11th March 2021, metal magnate Sanjeev Gupta’s Alvance Aluminium Group stated that its French aluminium facilities have sought protection from creditors.
The spokesperson said: “Alvance Aluminium Group entered voluntarily into ‘reconciliation proceedings’ supervised by a court-appointed agent. The mediator will try to stave off insolvency by working out arrangements between the French units and their creditor, a process that could last as long as 10 months.”
As reported earlier, the move comes as Gupta embattles to save his business following the collapse of vital lender Greensill Capital.
“The management of those businesses will now work collaboratively with the conciliator and the businesses’ stakeholders to find sustainable solutions for the sites and ensure business continuity," the spokesperson added.
The Alvance facilities manufacture car parts and employ around 1,000 workers, as GFG acquired them two years ago with an assurance to save jobs, revitalize their operations and drive them towards more environmentally friendly.
In March 2021, Greensill collapsed following its key insurer plugged out on a policy that protected investors in its bonds.
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