Court to decide Duralex's future

A commercial court in Orléans will hold a final hearing on Monday to determine the fate of Duralex, a French glassware manufacturer, and select a new owner from three candidates. The court is expected to confirm the end of the cooperative structure and decide which bidder will take over the company.

Three takeover bids under review

The court will examine three bids from potential buyers on Monday at 10:00 a.m. While the decision could be delayed, sources close to the case believe a swift resolution is likely. Duralex, known for its durable glasses used in school cafeterias, entered judicial recovery for the fifth time in 20 years on June 1st, just under two years after its acquisition by employees forming a cooperative.

Two bids are well advanced

Two of the three bids are considered "well advanced," according to CFDT union representative Suliman El Moussaoui. These include a proposal from Carlesimo, a Saint-Étienne-based group, and a bid from French entrepreneur Cédric Meston through his holding company Tomé. Meston, who previously acquired Tupperware France, claims billionaire Xavier Niel of Free has supported his project. Reports suggest Meston plans to invest around 15 million euros, partly from local and state funding.

Job preservation varies among bids

Carlesimo and Tomé propose to keep 125 and 155 jobs, respectively, out of a workforce of 243 employees at the start of the year. The third bidder, Hong Kong-based AA Investments, aims to retain only three employees and is viewed as "anecdotal" by an observer. Industry officials at Bercy consider the two French proposals "interesting."

Duralex shows financial improvement

Current general director Peggy Sadier stated that the company has improved its cash flow significantly since management changed on April 2nd, multiplying it by eight. She believes this shows a viable path forward for Duralex despite its ongoing legal challenges.

Investigation into financial misconduct

In parallel with the judicial recovery, the Orléans prosecutors' office is investigating Duralex, though the charges have not been specified. Searches were conducted at the company's headquarters in La Chapelle-Saint-Mesmin on September 3rd. Former general director François Marciano and his son Antoine, who was appointed financial director, may be targeted. Their lawyer stated they deny any involvement in alleged misconduct.