Mana Rassouli and Pierre-Alexis Buisson discuss how foreign investors and creditors can secure commitments and protect investments in France using what they say is “an often-underestimated legal mechanism”…
Altana advised the MILLET Group in its offer to acquire the assets of TITAGARH WAGONS AFR, the last French manufacturer of freight wagons.
Faced with cash flow constraints, and despite solid orders, TITAGARH WAGONS AFR applied in June 2019 for judicial proceedings, following which the Paris Commercial Court approved the offer presented by the MILLET Group, allowing 109 jobs, or 93.1% of the workforce, to be maintained and the industrial site located in the heart of Douai (Nord) to be taken over.
The Paris Commercial Court has thus retained the skills and expertise of the MILLET Group, a family business founded in 1898, which generates 76 million euros in turnover (53% of which is outside of France) and employs 237 people.
Created in 1985, TITAGARH WAGONS AFR, the last French manufacturer of freight wagons (cereal, oil, cement), was taken over in 2010 by the Indian group TITAGARH, India's leading rail manufacturer, as part of a sale plan.
This takeover restores the company's historical know-how, renamed MILLET AFR, in an economic context of strong rail freight renewal. The objective is to achieve a production of 400 grain and oil wagons per year.
The MILLET Group is advised by Altana's cross-functional team composed of Mana Rassouli (Partner), Margaux Chaumien (Associate) on restructuring aspects, and Pierre Lubet (Partner) on labour law aspects.
This operation once again demonstrates the expertise of Altana's teams in providing strategic support to its clients in all their operations.
Press contact:
Dominique Gillet: dgillet@altanalaw.com - 33 (0)1 85 60 60 90 01/ 06 79 89 10 29
Louise Henry: louise.henry@lesroismages.fr - +33 1 41 10 08 03 / 06 84 34 34 55 35
