The conciliation procedure seems to have finally succeeded: while it was reluctant to erase Run Market’s debts at the expected level, BRED ended up giving its agreement this Friday, December 16, 2022. The bank nevertheless underlines that it proposed “d ‘other ways’ for the rescue of the sign, but which were not retained.
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The 650 employees of Run Market (Make Distribution group) are probably relieved: this Friday, December 16, 2022, the conciliation procedure which was underway for the restructuring of the brand’s debt resulted in an agreement.
While five banks participated in this conciliation procedure, BRED seemed reluctant to want to erase the slate of the brand in difficulty, according to information published by our colleagues from the Daily. But she said Thursday night be looking fora “balanced solution that preserves the interests of all stakeholders“. This solution seems to have been found, since an agreement has been reached, and the draft conciliation can now be filed with the commercial court for approval.
In the middle of the followingnoon, BRED reacted in a press release following the end of the conciliation procedure. If the bank confirms that it has “accepted the debt restructuring conditions proposed to it“, she also wishes to point out that “other more balanced ways were possible to allow the rescue of the company, ways that were just as protective of the interests of employees and of Reunion’s economic fabric“.
Thus, seeing its proposal rejected, BRED was forced to comply with the terms of the agreement, she says, “with the sole concern of preserving jobs and the interests of suppliers“.
Still, concern skyrocketed, particularly among Run Market employees, who feared that BRED’s refusal to restructure the debt would cause the Mauritian group IBL, a candidate for the takeover of stores, to retreat, which elsewhere already injected five million euros in the case.
A meeting was thus held Friday morning at the Port between management and employees. The latter hoped to be received by the sub-prefect of Saint-Paul at the beginning of the followingnoon.
As a reminder, the takeover of Vindémia by the Hayot group in 2020 led to the arrival of the Make Distribution group. Group which finally quickly found itself in financial difficulty, with a previous debt of nearly 80 million euros.
The Run Market brand is present today in four municipalities in Reunion: Sainte-Marie, Saint-André, Saint-Denis and Saint-Paul. Which represents some 650 employees.
