The smartphone reconditioning company Oxygen phone (ex-Remade) was placed in receivership on Friday.
The idea is not to sell the company but to "freeze the debts and support it", indicated the public prosecutor of the court of Coutances (Manche).
A company in freefall
François Dehaine, the managing director of the company which has 110 employees, indicated that he was going to appeal this decision.
“The Manche-based company has experienced a number of difficulties since February 2021 but today all the lights are green,” he said.
Remade, founded in 2014, employed up to 680 people in 2019. In 2020, the Briton Suresh Radhakrishnan bought the company, renamed it Oxygen phone and cut 211 jobs out of 328 after the green light from justice.
In February 2021, the businessman sold 30% of the company to its founder and former boss Matthieu Millet to avoid “bankruptcy”.
Business in shambles
Already prohibited from managing several other companies in the past, Matthieu Millet is assigned with another former leader by the liquidators of the ex-Remade, who claims 358 million euros from them.
According to the lawyer of a liquidator, the commercial court of Rouen must begin to examine the file on October 4.
According to the subpoena, "Remade's management engaged in extensive accounting manipulations intended to hide a collapse in its turnover and profitability".
In 2019, the Syndex firm denounced similar maneuvers in a report.
The ex-Remade is also targeted by a judicial investigation in Rennes for fraud, money laundering, use of forgery and bankruptcy between 2017 and 2019.
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