Novares Holding Co. Placed in Receivership, Les Echos Says

Holding company of Novares, a French maker of plastic auto parts, has been placed in receivership because most of the company’s factories are shut during the coronavirus pandemic, Les Echos reports, citing the company’s CEO.

• Co. needs EU115M to restart its factories, CEO says
• Novares’s banks, including SocGen, Natixis, Banque Postale, CIC, and shareholders couldn’t reach agreement, CEO Pierre Boulet says, according to Les Echos
  • Shareholders include Equistone with 72% and Bpifrance with 15%
  • Banks wanted shareholders to put more equity in to co., Les Echos says
• Decision was made to put holding co., which has ...