The ailing Walloon pharmaceutical company Mithra has applied for judicial protection at the Liège corporate court. Mithra requests a transfer procedure under judicial authority for its Mithra CDMO department in Flémalle. In such a procedure there is protection against creditors and the court appoints a legal representative who looks for a buyer for the company in difficulties or for parts of it.
For its branch Novalon, Mithra is requesting a judicial reorganization procedure in order to reach an amicable agreement with its creditors and restructure Novalon’s debt.
In order to carry out these two procedures, Mithra also asks the court for two months of protection against all its creditors.
At the beginning of this month, Mithra started a sales process in which the pharmaceutical company wants to sell parts or even all of its activities in order to raise the necessary money. Mithra also indicated on Thursday that it has made progress in identifying potential buyers for parts of the company. Mithra has hired Stifel Investment Bank for this purpose. Several conversations are said to be underway.
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Tags: Mithra applies legal protection
