Ironically the success of Europe is shamJacobs analyst for DisplaySearch NDP in a noteIt is this problem that tackles co sub AmiensBut the reform of the CNRS drives the nailIt is far too early to make a final judgmentfinancial institutions of their toxic assetsParis entries are unworthy of the capitalThe first objective is to reduce unemploymentThere was no one change of Agency in a yearAnother point of tension the swine sectorCauval Industries, the owner of the mattress Dunlopillo, Steiner furniture or kitchen world Kit, hopes to soon find a solution to its problems. Placed at his request in late September backup procedure, the French leader of furniture has filed a draft plan of discharge of its liabilities before the tribunal de commerce de Meaux to 17 companies of the group concerned by the proceeding. The latter allows to freeze debts for a period of six months while continuing the operation.
Cauval, one of the first victims of the financial crisis, was very difficult to renew its short-term loans, suppliers and "revolving" (renewable). At the time, the Group met late September cash flow difficulties which could lead to the cessation of payments. Out of the crisis, its two leaders, Gilbert Wahnich, President, and Gilles Silberman, Director General, holders of the majority of the capital, will propose to the judge and creditors the latter with to an advisory power a stretch of their refund. Thus, they want to save the jobs: on the 6500 employees of the company in the world, only one third of them are not affected.
12 sites concerned
"We have proposed a payment over ten years for all our creditors, which a dozen French and international banks, and insurers of credits with which we work, explains Gilles Silberman." These are some of them which have put us in this situation. We therefore ask them time, but not of debt. In view of the economic environment, such as automotive, furniture is often the first affected, we have no alternative.
In total, 12 production sites are concerned, including one in Germany and another in Poland, tax administrations have accepted that they are subjected to French law, which will preserve the entire the group.
Liabilities involved is estimated at between 120 and 130 million euros. Sales compared to sales of a total of 650 million in 2007 for a ratio of net debt on own funds of 80. If Cauval Industries has not been dropped by its suppliers, or customers, since its difficulties, it also continues to have the support of the SFAC, the first insurer to French credit, the credit of the North and Midi-Pyrénées, the American Bank GE and English Lloyds TSB. These funders are more than 60 of the holders of the debt to be shown.
The recovery plan presented to the judge consists of three stages which will apply to the as to its various subsidiaries. "Six or seven companies will be affected each time, resumed Gilles Silberman. We hope that the first will emerge from the backup in February, and the last in June.
For the leaders of Cauval, it is the financial environment is the source of these difficulties, and not an industrial problem. "The company is all his work these last years in terms of restructuring, product launches and new markets development, because we are on an area historically difficult, ensures Gilles Silberman." Which allowed us to improve our operating income, which rose from EUR 0.3 million in 2006 to over $ 8 million in 2007. The crisis has forced to handle problems that we have never had to deal and put a cordon sanitaire around the company.
