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 of Grenoble has announced the liquidation of Matussiere et Forest, the French paper company based in Isère. It has announced the closure of two sites in (Lancey and Voreppe) with 722 jobs losses by 23 September 2008. The company attributed the closure to rising costs.
The local authorities in the department of Isere are to meet to discuss the future of the paper sector in the area following the liquidation of Matussiere & Forest, with a view to formulating a recovery plan for some of the region's ailing paper factories, which employ 800 people in Isere in total. The head of the sites in Voreppe and Lancey, was seeking a financial partner to invest 40 millions euros in the Voreppe site, and was looking into a buyout of the site by the local authorities. The Lancey site could also be saved by plans to convert it into a woodwool factory. Matussiere & Forest was placed under court-supervised administration four months ago after suffering an operating loss of 31 millions euros in 2007.
Employees of Matussiere et Forest, the French paper group which recently went into liquidation, have been occupying the group's factory on 19 September 2008.
The move comes after Papresa, the Spanish group which had been approached as a potential buyer, backed out.
Matussiere et Forest, which was founded in 1968, has been in compulsory administration for four years.
Eurofound (2008), Matussière & Forest, Closure in France, factsheet number 67121, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67121.