Entremont Alliance has confirmed that it has been granted a three-month extension on debt repayments, until the end-October.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The French dairy group, which made losses of EUR34m (US$47.8m) in 2008 and of EUR10m in the first quarter of this year, has estimated debts of EUR376m.
Before a French inter-ministerial committee, Ciri, which specialises in seeking solutions for firms in difficulty, six of Entremont’s banks agreed to re-reschedule the repayments.
Meanwhile, efforts continue to secure a lasting future for Entremont, with Belgian holding company CNP, which holds a 63.5% stake, seeking to associate the group’s dairy farmer suppliers in a capital increase operation. This could see farmers holding as much as 34% of Entremont’s capital with embattled French co-operative, Unicopa, diluting its current 36.5% stake.
This operation could also include French counterpart Sodiaal, which has two JV companies with Entremont – Beuralia and Nutribio.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, media reports claim that another French rival, Lactalis, is ready to absorb EUR200m of the debts as part of a takeover bid. Contacted by just-food today (26 June), a spokesman for the company declined to comment on the reports.
“We have nothing to say at this stage. Entremont is attracting attention from a number of quarters and it’s only the beginning of what is likely to be a complicated negotiation process.”
An Entremont spokeman said he could “neither confirm or deny” whether Lactalis or Sodiaal had made bids for the group.
