The takeover offer of the Alinéa furniture brand, in receivership, by its current shareholders must be examined this Monday by the Marseille commercial court.
This procedure was made possible by a government ordinance of May 20. We take stock.
- What is controversial?
Gaël Perdriau, LR mayor of Saint-Etienne, stormed in mid-August against this ordinance motivated by the health crisis, but which according to him could have “disastrous consequences”. Until the end of 2020, it allows business leaders who have filed for bankruptcy to present themselves as buyers if their offer maintains employment.
The case arises for the Alinea brand, which was declared in default at the end of May. The only takeover offer comes from the Mulliez family, which already owns this brand with stores throughout France. For Gaël Perdriau, particularly concerned because the metropolis of Saint-Etienne hosts an Alinea store not appearing in the Mulliez takeover offer, the risk is that the shareholders could "buy their business" after having "cleared their debts with suppliers or the 'State and social organizations'.
- Why such a measure?
Lawyer specializing in insolvency proceedings, Thomas Deschryver, of the Cornet Vincent Segurel firm, believes that the ordinance can be "an interesting mechanism in this period of Covid", because it "allows to save the maximum number of jobs". "If a leader wants to take over his own business but offers to save fewer jobs than another, I have the feeling that the spirit of the ordinance is not to leave the business to the leader in place, but to favor the sustainability of the company, ”he explains.
He cites two examples. In the case of the children's clothing brand Orchestra-Prémaman, the founder saw his offer retained because "it was better socially". However, it did cringe within the company. In the case of the clothing chain Camaïeu, on the other hand, the Lille commercial court preferred the Bordeaux real estate finance company (FIB) to the detriment of the current management, favoring an offer leaving “only” 500 employees on the floor.
- Is there a “windfall effect”?
For Alinea, the equation is different since there is only one offer preserving a significant number of jobs - about half of the current 2,000 positions -, that of Alexis Mulliez. A report to the President of the Republic, published on May 21 in the official journal, specifies in black and white: "The court and the public prosecutor will ensure that the disposal plan is not only the occasion, for the debtor, to erase its debts and reduce its workforce by presenting itself, or through an intermediary, a takeover offer ”.
For its part, the management of Alinea "denies any windfall effect": "There is no debt accumulated for years. There was just one liability ″ at the time of the placement in receivership.
- What risk for suppliers and the public?
Managers could continue their activity by not having honored their debts, for example with suppliers. In addition, the cost of salaries during the sometimes long period of receivership of several months, not to mention possible dismissal plans, could weigh on the Association for the management of the employee receivables guarantee scheme (AGS), a collective body, which is to the advantage of the employer.
But Alinea assures him, the cost of the payment of salaries since the receivership, ie "15 million euros", will not remain the responsibility of this social organization. It "will be reimbursed thanks to the sale of the stock of the stores not taken back and that of the Aubagne headquarters". The unions are skeptical.
Before this order, suppliers were not necessarily better off, with business continuity plans providing for rescheduling or debt cancellation. From now on "a supplier who would not be paid by a major principal could have recourse to a loan guaranteed by the State", says Thomas Deschryver.
Economy
Social plans: Towards a dark scenario from the start of the school year
Economy
Bruno Le Maire foresees numerous bankruptcies in the coming months
- Shareholder
- Marseilles
- The Commercial Court
- Legal redress
- Economy
- Reprise