Sequana and Antalis give update
| 11 March, 2019
The Commercial Court of Nanterre had decided to extend the observation period opened in the context of the safeguard procedure in favour of Sequana until 17 May 2019 and the company had to file a new sauvegarde plan by this date.
At the initiative of the Administrator and the creditors’ representative of Sequana a petition has been filed with the Commercial Court of Nanterre in order to turn its safeguard procedure into a receivership procedure.
This request is based on the inability for Sequana, following the decision handed down by the Court of Appeal in London in the litigation between Sequana and the BAT Industries plc Group, to file a sauvegarde plan enabling it to pay off the debts taken into consideration and to finance the observation period pending the decision of the Supreme Court in England which, subject to Sequana being permitted to appeal, will likely not be handed down before a minimum 13 months’ time-limit.
Antalis has taken note of parent company Sequana’s press release dated 7 March 2019 and progresses, with the support of Goldman Sachs, through the organised competitive process aimed at putting in place a new shareholding structure, which will enable it to “ensure its development and to implement its strategic plan.”
It remains unclear whether this will lead to the sale of Antalis.