Delattre Levivier Maroc feels ready to develop and then present a project that not only holds water but also takes into account the increase in capital, the social plan, the staggering of the debt over a longer period as well as the optimization. current expenses… Details of DLM’s recovery plan exclusively at Hespress Fr.
“The reorganization decision clearly shows that the company is in difficulty today but also that the continuity of its activity is not called into question.”, Explains Camélia Benabdellah, deputy general manager of DLM, specifying“In other words, we are fully able to continue all the projects (about fifteen) in progress on behalf of large customers. And this without the company giving up absolutely nothing. So all the industrial assets are intact and we are able to make the purchases required for these sites.”.
However, the manager, who gives us the exclusivity of the details of the recovery plan, began by emphasizing: “The projects underway, on the one hand, will certainly help us to go up the slope but also they are revealing that we are still able to respond to public as well as private tenders. While in principle, the privileged to respond, it is generally the companies with a strong capacity and financial soundness and not the companies in difficulty which are in recovery or which are in liquidation.”.
And to congratulate himself: “To thwart this regulation, the court and the trustee have the right to send a common letter to any public administration which is ultimately authentic. And we therefore had this major advantage with the authorization of our trustee, supported by the court, to say that we are able to respond to these calls for tenders, therefore to be able to continue our activity.”.
This is excellent news, according to the DGA of DLM, insofar as things will pick up in the coming years thanks in particular to the dam markets, which next year form part of the major part of the turnover of all the companies. metal construction companies.
“This is really very good news which shows the confidence of the court and the trustee in DLM”, She affirms to Hespress Fr, adding that the recovery will also allow a spreading of the debt over a period which can go from a minimum of 8 to a maximum of 10 years.
Indeed, if DLM had obtained the safeguard, the discharge of the liabilities would have had to be over a period of 5 years. And this period would not have been sufficient to ensure 100% clearance to all of its creditors. It is for this reason that the person in charge, while awaiting the final decision of the court which will be made after the filing of the continuation plan by the trustee, reiterates that this is excellent news because it is what it will allow them to return to normal activity and also to be in phase in a sector environment which is more than reduced with -10% of margins for companies.
“This news is certainly not to delight our creditors, but it will all the same assure them casually 100% repayment. Contrary to what could have happened in the event of a backup and the fact of not being able to reimburse all supplier and bank receivables with a duration of only 5 years. And to all this let us not forget that the Corona has added its share of misery with monster problems of collection and difficulty of payment”, She confides.
And to underline: “Now over 8 or 10 years, we can work more calmly and above all we have more time to settle this liability with more orders. We needed this respite, this breath of fresh air. And sincerely, it is also positive for our suppliers, certainly it will not be an immediate recovery in this situation of recovery but at least their rights are guaranteed. Especially since he is in a repayment plan formally filed and signed in court”.
Another pleasing fact for DLM. Benabdellah says: “In our situation, there is nothing that changes. The current management is maintained at its post and it takes all the decisions and the control of the trustee is only a posteriori control. So nothing to do with business recovery situations where trust is really broken and where the court entrusts management to the trustee”.
Historical shareholders as reinforcements
“Based on the order table that we presented and on the volume of our receivables, the recovery decision was also dependent on a few conditions. The first is the capital increase, which we have already started to think seriously and we have up to 2 years to be able to reconstitute our equity ”, confides Eric Cecconello, CEO of DLM, noting that: “Normally all the administrators will meet in the coming months to see what is the best possible way to finally get back to a normal situation.”.
And explain: “The capital increase must return to a normal level and shareholders’ equity must represent at least a quarter of the company’s capital. And you should know that the historic shareholders are ready to do everything possible to remedy it.”.
Regarding the second condition, sine qua non for our sources, it is the execution of a social plan which would aim to match the payroll with the current cash position of the company.
For the third condition, Camélia Benabdellah evokes: “The collection of trade receivables and you should know that there is a lot of money outside”.
And to indicate as to the rationalization of all expenses: “By examining a whole restructuring of the company, we should optimize all of our expenses according to our current order book and future orders, which let’s face it, during the 1st and 2nd year. , would not be of the order of the billions that we made in terms of turnover some time ago”.
Thus, for all these reasons and obligations, the commercial court declared DLM in receivership and decided to keep all the members of the procedure, in this case the judge-commissioner Mohamed Amine Jalbi and the liquidator. Rachid Sebti.
It is now up to DLM to roll up its sleeves to prepare the most adequate solution possible, namely a rapid execution plan.