June 2, 2022: A court in France has approved the next stage of legal moves that could lead to the partial sale of lead recycler Recyclex, the company announced on May 6.
An offer by Belgium’s Campine to acquire Recyclex lead battery recycling plants in Escaudoeuvres and Villefranche-sur-Saône, France, as well as a plastics recycling subsidiary, was one of several bids announced on April 15.
Recyclex said the Paris Commercial Court agreed on May 5 to grant the firm’s request to consider a plan for the partial sale, which will allow the court to scrutinize offers received.
A court hearing on the matter has been scheduled for June 14, Recyclex said. Meanwhile, the company said it had no immediate plans to resume the listing of its shares.
The bids came after Recyclex said it had failed to organize an “amicable” debt restructuring process since it launched an assets disposal program in May 2021.
Recyclex said on April 15 that Campine’s offer was likely to maintain the activities of the group’s industrial sites and associated jobs — but that it was “still uncertain” whether conditions of the deal could be met. However, the bid was “likely to promote the sustainability of activities and jobs at sites that are fully committed to the lead and plastic waste recycling economy”.
Campine’s offer would also be subject to agreement between that company and the French government on the amounts of the financial guarantees required if the lead recycling plants’ takeover goes ahead.