Court decision puts Rougier on firmer footing6 March 2019
Rougier will be able to leave court protection after the Commercial Court of Poitiers approved its recovery plans.
The court approved Rougier’s continuation plans on February 26, less than a year after the opening of insolvency proceedings concerning Rougier SA and its subsidiary Rougier Afrique International.
International tropical hardwood specialist Rougier’s plans are based on the implementation of a deep restructuring of the Group, which makes it possible to adapt its operational and financial structure to the needs of its business.
Rougier has sold loss-making activities and non-strategic assets over the last 12 months, including the sale of its Rougier Sylvaco Panneaux business to the Malvaux Group.
“At the end of this restructuring, the Group has definitively refocused its activities on forest and industrial production in Gabon and Congo and its marketing,” a Rougier statement said.
Collective procedures have also allowed the restructuring of the Group's debts in France and the renegotiation of its bank liabilities in Africa.
“The approval of these plans by the Commercial Court of Poitiers allows Rougier SA to leave the procedure of safeguard and its subsidiary Rougier Africa International the procedure of judicial recovery,” it added.
Rougier said it welcomed the decision, which it said validated the refocusing strategy implemented.
“This recovery puts the Group under favourable conditions for the preparation of its rebound and its development with the support of its 1,500 employees, mainly in Africa.”
The Rougier Afrique International operation has more than two million hectares of forest concessions, several processing facilities and is a major trader in logs, sawn timber, processed products and plywood, shipping to countries all around the world.