Hydrogen equipment specialist McPhy Energy has been placed under judicial reorganisation by the Belfort Commercial Court, effective from 4 June. The ruling follows the conciliation proceedings launched on 10 April, during which a call for tenders was opened to explore potential asset sales.
Renewed asset disposal process
In this context, a new deadline for submitting offers has been set for 13 June at noon. The court will review all bids received during a hearing scheduled for 24 June at 3 p.m. One of the active bids reportedly comes from an unnamed European industrial player and targets specific assets and operations of McPhy.
The court has appointed SCP Abitbol & Rousselet, represented by Maître Joanna Rousselet, as judicial administrator with an assistance mission. Maître Flavien Marchal has been named as creditors’ representative. These appointments are part of a procedure aimed at preserving part of the business or, failing that, organising its liquidation.
Liquidation remains likely without buyer
If no offer is accepted or if the sale process fails, liquidation proceedings will begin at the end of the reorganisation phase. In such a case, unsold assets will be liquidated, and McPhy’s shares will be delisted, with their residual value likely to be nil given the disparity between realisable assets and company liabilities.
At the same time, measures to prevent or resolve difficulties have been launched concerning McPhy’s subsidiaries in Germany and Italy. Expressions of interest have already been received for certain assets in these two countries, according to the company.
General meeting postponed
Due to the ongoing proceedings, the annual general shareholders’ meeting originally scheduled for 17 June has been postponed to a later date, which will be announced once decided. McPhy has stated it will continue to update the market on developments related to the reorganisation process.
