McPhy Energy initiates conciliation proceedings to secure industrial continuity

Facing cash flow difficulties, McPhy Energy launches a judicial conciliation and issues a call for bids for a potential asset sale before the end of June.

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French alkaline electrolyser manufacturer McPhy Energy has announced the opening of conciliation proceedings, following a decision by the President of the Commercial Court of Belfort on 10 April. This step is intended to address a critical financial situation and improve the company’s chances of securing a strategic partnership before its cash reserves are depleted by the end of June 2025. The company also confirmed the appointment of SCP Abitbol & Rousselet, represented by Maître Joanna Rousselet, to lead the conciliation process.

Towards a pre-packaged sale?

In parallel with ongoing talks with potential investors, McPhy Energy has launched a call for tenders aimed at a possible sale plan. This procedure falls within the framework of a “pre-pack” sale, a legal mechanism that allows for the prior organisation of a full or partial transfer of the company’s assets and operations while safeguarding its core interests. The process aims to ensure a structured and legally secure transition to a new owner under uncertain circumstances.

Should no satisfactory offer materialise, McPhy Energy may be forced into judicial liquidation, which could lead to its shares being delisted and a near-total loss of value for current shareholders. This scenario, while not excluded, is one the company hopes to avoid by securing a continuity-of-operations solution through a takeover.

Initial interest from an industrial group

As part of a transparency strategy, McPhy has chosen to disclose information that would typically remain confidential, in an effort to rally employees, shareholders and partners around the process. The goal is to increase the likelihood of reaching an agreement with an industrial partner capable of sustaining operations. To date, an initial expression of interest has been received from a European industrial group, whose identity remains undisclosed. The offer will be evaluated as part of the current bidding process.

The deadline for submitting takeover proposals has been set for 9 May 2025 at noon. McPhy Energy stated that the market will be kept informed of any significant developments related to the proceedings.

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