New stage on the steep path to judicial recovery for the Lucien Georgelin company, in Virazeil. Tuesday October 15, the jam maker had a meeting with the judges of the Agen commercial court. This seventh hearing was to report on the approval of the recovery plan by the creditors of the Lot-et-Garonnaise company, number 2 in jams in France, behind Andros.
The optimism displayed during the previous hearing seems to be confirmed. According to the company’s counsel, Maître Christophe Dejean, “the creditors generally voted in favor of the recovery plan”. This provides for a settlement of liabilities of 47 million euros over ten years.
It is now up to the court to assess the situation. If the plan is approved, the court will be able to order the exit from the recovery at the next hearing, scheduled for Tuesday October 22. “The company has demonstrated all its strength. And the court has been exemplary in the interests of society from the start,” greets Maître Dejean.
Same procedure in Villeneuve
Also in receivership, the Lucien Georgelin Céréales branch, based in Villeneuve-sur-Lot, is subject to the same procedure with creditors. They have twenty days to decide on the 5 million euro debt clearance plan. A new hearing, scheduled for November 19, will report their votes.
Without prejudging the result, it seems likely that the plan will be accepted, given that the main creditor of Lucien Georgelin Céréales is, by far, the parent company Lucien Georgelin, of Virazeil.
France
