Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The commercial court in Rennes has declared the liquidation of the Coretec group and the dismissal of its 145 employees. The job cuts concern two sites in France: the main site at Saint-Aubin-du-Cormier (Ille-et-Vilaine) where the holding company (12 employees) and two subsidiaries – Coretec (89 employees) and Propitec (4 employees) – were located. A second site is located in Fleury-sur-Orne (Calvados) with 40 employees. The company has been severely impacted by the Covid-19 crisis with a drop in orders, a cash flow weakened by fixed costs and recent investments.
The company was placed in receivership in April 2022, for a period of six months. In the absence of a buyer, the court handed down its judgment before the end of the six-month period. Founded in 2002, the company was specialised in the engineering and manufacture of specific customised equipment for the automotive industry. It worked for automotive suppliers such as Faurecia, Bosch and Delphi, and for car manufacturers such as Renault and Ford.
The company also had subsidiaries in Poland and the Czech Republic.
Eurofound (2022), Coretec, Bankruptcy in France, factsheet number 107169, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107169.