The Commercial Court of Evry has decided to postpone to November 24 the hearing for the examination of the takeover bids for Global Bioenergies, a company specializing in the production of renewable fuel. This delay extends the uncertainty surrounding the company’s future, which is currently under judicial recovery. The new deadline for submitting bids is now set for November 12 at noon.
Having entered a “pre-pack sale” process in June, Global Bioenergies officially entered judicial recovery on September 29. This procedure aimed to facilitate the sale of its assets or activities before a total liquidation. The court’s decision comes as no definitive takeover offers seem to have been approved so far.
Judicial liquidation considered if no buyer emerges
If no satisfactory offer or agreement on a partial or total sale is reached, the court will pronounce judicial liquidation at the November 24 hearing. This will result in the cessation of the company’s operations and the delisting of its shares from financial markets. Global Bioenergies has stated that the residual value of its shares would “most likely be null,” as the expected assets are insufficient to cover its accumulated liabilities.
The prospect of liquidation also raises questions about the future of its operational sites, employees, and ongoing contracts. No details have been provided at this stage about the nature or number of offers already received, nor about potential candidates for the acquisition of the company’s assets.
Half-year accounts not finalized due to uncertainty
In this context, the company has stated that it will not be able to publish its half-year accounts. This decision is directly related to the inability to reliably assess its financial situation due to the ongoing procedure. Investors are therefore left without clarity on the company’s current health, adding additional pressure on its stock price.
Founded on an industrial bio-production model for isobutene derived from renewable resources, Global Bioenergies had positioned itself as an alternative player in the fuel sector. Its move into judicial recovery marks a critical turning point for the company in a market pressured by technological and economic forces.
