June 30 - Yesterday's decision by a Paris commercial court to place Necotrans' 11 French subsidiaries under judicial control could help the logistics group find the strategic partner that it has been looking for, as well as assist with the sale of assets.
Earlier this week, Gregory Quérel, the president of Necotrans group since 2013, stated: "With no intention of denying our cash difficulties, induced by the reduction of ocean freight and the general decline in raw materials prices, the opening of receivership proceedings will allow us to keep on searching for a partner while maintaining all of our activities."
The company also made it clear that the administration order is constrained to the legal structure of Necotrans' businesses in France. with operational subsidiaries located outside France and Necotrans' international network not being affected by those proceedings and will keep on operating normally.
Ultimately the aim of the proceedings is to preserve the company's activity and employment in Africa, from where the group obtains almost 100 percent of its revenues.
