Once a Walloon flagship, Mithra found itself cornered by debt and lacking cash flow. In early March, the company announced it was considering the sale of its assets and potentially the entire company. It concluded three loans for 21 million euros to finance its operations until June.
Mithra SA no longer has any place in the context of this dismantling, explains Setca permanent secretary Geoffrey Broux. Contracts could, however, be offered to some of the laid-off workers for other activities.
“Mithra Pharmaceuticals SA was in fact faced with significant financial difficulties which prevented it from fulfilling its obligations and no longer had the working capital necessary to continue its activities,” explains management.
The listing of Mithra shares on Euronext Brussels has been suspended since April, due to negotiations regarding the sale of its assets.
An agreement has also been reached with the Hungarian group Gedeon Richter for the takeover of the Estetra and Neuralis entities, making it possible to save some 50 jobs, adds Geoffrey Broux. Activities will also be maintained in Liège. “It’s a first sigh of relief,” admits the trade unionist.
Mithra in Flémalle: three quarters of staff placed on economic unemployment
In its press release, Mithra does not mention an agreement but indicates that it is continuing negotiations with Gedeon Richter for the sale of all the shares of Neuralis and Estetra, as well as the specific assets of Mithra R&D SA inherent in the manufacture of Estetrol. , its flagship asset.
“The signing and completion of the transaction will take place as soon as possible,” adds the company.
The CDMO production unit and the other Novalon subsidiary also remain under legal protection and are therefore not affected by this bankruptcy. They are subject to separate judicial reorganization procedures.
At the beginning of the month, Mithra asked the Liège business court to extend until June 30 the judicial protection measures which protect it from its creditors. At the end of April, the company obtained the opening of legal reorganization proceedings for Novalon as well as the transfer under judicial authority of the CDMO production unit.
The PRJ was to make it possible to restructure Novalon’s debt while the transfer under judicial authority made it possible to appoint agents responsible for supervising negotiations with possible buyer candidates.
