June 26 - France-based freight forwarding and logistics group Necotrans is remaining tight-lipped on recent reports in the French media that it is about to be placed under judicial protection by the commercial court in Paris.
The reports indicated that the company, which has a significant focus on African logistics approached the court to seek the opening of insolvency proceedings and that is was due to appear before the court today.
Necotrans had not responded to a request for comment, but other reports suggest that a recent takeover bid for the group from Singapore's Olam Group in early June had been rejected.
It has been widely reported that Necotrans, which has been badly affected by the sharp and prolonged downturn in the oil and gas segment, has been up for sale for some time.
Necotrans was involved in re-negotiations at the end of last year with its creditors, which led to job and office cuts, as well as the sale of it stake in a container terminal company in Gabon to Bolloré.