On Monday, the Liège pharmaceutical company Mithra nv, which specializes in women’s health products and is owned by François Fornieri, Armistice Capital, Noshaq (formerly Meusinvest) – a Walloon government holding company, and Alychlo – an investment firm owned by Marc Coucke, was declared bankrupt by the corporate court in Liège. The news was reported by socialist trade union Setca following a special works council and confirmed by the company in a press release. The court has appointed curators to manage the bankruptcy proceedings, affecting approximately 19 employees.
Despite having a stock exchange listing, Mithra’s shares had been suspended for some time due to financial difficulties. The company’s press release emphasized that there is no longer any funds available for shareholders. However, the bankruptcy does not impact Mithra CDMO and Novalon as these entities are currently in a separate judicial protection procedure that has been extended until the end of June to allow potential bidders to come forward.
An agreement had been reached with Hungarian group Gedeon Richter for the takeover of Estetra and Neuralis entities to save around 50 jobs in Liège as stated by socialist union Setca. However, negotiations with Gedeon Richter are ongoing and it is expected that transaction will be completed promptly without any benefits for Mithra nv shareholders. It is worth noting that Mithra had been facing financial challenges for some time leading to the departure of its CEO in early March. To address cash flow issues, the company had obtained bridge loans but unfortunately it was clear that proceeds generated would not be sufficient to cover all outstanding debts.
