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McPhy heads towards judicial liquidation after failure of full takeover offers

The French hydrogen company closed its tender process without receiving any in bonis offers, paving the way for a partial asset sale and liquidation proceedings.

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The company McPhy Energy, active in the hydrogen sector and listed on Euronext Paris, announced that its call for bids to acquire all or part of its operations ended without the submission of any in bonis offers. This situation leads the company towards judicial liquidation proceedings, according to a statement released on May 14.

Towards a partial asset sale

As part of the conciliation procedure launched in April, McPhy Energy, supported by the appointed conciliator, initiated a consultation to identify full or partial takeover offers for its assets and activities. The deadline for submissions has now passed. The bids received are currently under review.

Based on the available information, a partial takeover under a sale plan is under discussion. This remains subject to several conditions and would involve only part of McPhy’s assets and activities. The absence of in bonis offers rules out any complete acquisition of the company ensuring business continuity.

Judicial liquidation with no residual value for shareholders

The direct consequence of this situation is the anticipated opening of judicial liquidation proceedings for McPhy Energy. This process could be closed for asset insufficiency, due to the lack of sufficient resources to cover liabilities.

McPhy’s shares will be delisted, with no residual value expected for shareholders. According to the company’s statement, proceeds from the asset realisation are likely to fall short of liabilities.

McPhy stated it would inform the market of the next steps regarding this partial acquisition project and any significant changes in its legal or financial situation.

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