This may be the last day and the last chance for Alvance Wheels and its 270 employees. A new decisive hearing is scheduled for Tuesday, December 21 before the Paris Commercial Court. The last manufacturer of aluminum rims, based in Diors, and owned by the Liberty group, is in receivership since last April. This hearing, the fourth, is perhaps decisive. Three scenarios are possible. Explanations.
Three scenarios on the table
There are a first scenario, the most optimistic, which consists of the filing of a takeover offer by Saint-Jean Industries. The industrialist has indeed filed a letter of intent during the previous hearing on November 23. This scenario would allow the 270 employees of the Diors site to spend the end-of-year holidays serenely. According to the unions nothing had been filed this Monday evening but it is still possible this Tuesday.
In the event that Saint-Jean Industries does not submit a takeover offer, another scenario remains possible. Indeed, the receiver would consider requesting a new deadline. Ultimately, a fifth examination of the case before the Paris Commercial Court. This would leave some hope for employees, currently on partial unemployment until the end of the year. This would also and above all allow Saint-Jean Industries to clarify its project and continue negotiations with Châteauroux Métropole, the region and the State.
Finally, there is of course a third scenario that no one wants or hopes to hear about. The lack of a takeover offer and the commercial court’s refusal to extend the wait for the 270 employees again, that is to say: immediate liquidation. For the moment in partial unemployment, the employees are in partial unemployment, they must return to work on January 3 next. All options remain on the table, the unions recognized on Monday.
– Romain Berchet
What has happened since the hearing on November 23, 2021?
However, since the last hearing on November 23, 2021, there have been some tremors. After the letter of intent filed by Saint-Jean Industries, and the support of Renault and Peugeot, the manufacturer has shown a new sign of interest, its president, in fact visited the Diors site on December 7. He was accompanied by the Roland Berger expertise firm. This one is mandated by the government to carry out a complete study. This involves verifying the feasibility of the Saint-Jean Industries project but also identifying possible new avenues for diversifying the activity.
There is still a blockage: funding. Saint-Jean Industries estimates it needs 60 million euros to take over the site, modernize it and deal with the next two years, which will be in deficit. Problem, for now, between Châteauroux Métropole, the region and the State we arrive in all to 53 million euros of aid. This is a priori the reason why Saint-Jean Industries has not yet submitted a takeover offer, it can quite do so again this Tuesday.
Otherwise, the receiver would consider requesting a further delay. If the court accepted it, it would mean a new period of uncertainty for the employees and the key to a new passage, the fifth, to come before the commercial court of Paris.
The hearing is scheduled for 9:30 am this Tuesday morning.