French company Global Bioenergies has officially launched a buyer search process via a pre-pack sale, as part of a conciliation procedure. The announcement follows unsuccessful talks with several industrial players to secure the funding needed to continue operations.
At the time of the press release, Global Bioenergies held a gross cash position of €3.0mn ($3.26mn), while its bank debt, amounting to €13.1mn ($14.24mn) at the end of December 2024, remained fully on the balance sheet. The company is currently benefiting from repayment deferrals negotiated monthly with its bank creditors.
An accelerated process under judicial oversight
The use of a pre-pack sale would enable potential buyers to quickly position themselves for the acquisition of all or part of the company’s activities and assets. Once approved by the Commercial Court of Évry, the sale plan would lead to the company’s liquidation and the write-off of all or part of its liabilities, including bank debt. This would also result in the delisting of its shares from the stock market.
Marc Delcourt, Chairman, Chief Executive Officer and co-founder of Global Bioenergies, stated that the company shifted its strategy in autumn 2024 towards a research and development partnership with an international industrial player focused on producing sustainable aviation fuels. The company was required to finance its share of the project until it reached profitability.
Lack of capital commitment despite early interest
According to Marc Delcourt, despite advanced discussions and clear expressions of interest, none of the industrial groups approached agreed to invest in the company under current conditions. He cited geopolitical uncertainty and low appetite for investments in emissions-reduction technologies as key deterrents.
Management acknowledged that the proceeds from a pre-pack sale would likely be insufficient to reimburse existing shareholders, who may face a total loss of their investment. The executive, himself one of the company’s largest shareholders, said he is fully aware of the financial impact of this outcome.
The deadline to submit takeover offers is set for 9 July 2025. The proposals will then be reviewed by the Commercial Court of Évry, and the sale could be finalised between September and October 2025.
