June 27 - Further to our news report from yesterday, Necotrans has now confirmed that during a hearing held before the Commercial Court in Paris, the Necotrans group requested the opening of receivership proceedings in relation to its 11 French subsidiari

Operational subsidiaries located outside France and Necotrans' international network are not affected by those proceedings and will keep on operating normally.

Necotrans stated that the aim of these proceedings is to continue the search for a strategic partner for the group and the assets disposal process that has been initiated since December 2016, with the goal of preserving activity and employment in Africa, from where the group obtains almost 100 percent of its revenues. The decision of the Commercial Court will be delivered on June 29.

The company also confirmed its rejection on June 19 of the offer submitted a week before by Olam, an agri-business and trade group, adding that three other investors have officially expressed their interests regarding various business activities to pursue the discussions in the context of insolvency proceedings which will be supervised by two court-appointed receivers.

"With no intention of denying our cash difficulties, induced by the reduction of ocean freight and the general decline in raw materials prices, the opening of receivership proceedings will allow us to keep on searching for a partner while maintaining all of our activities", explained Gregory Quérel, the president of Necotrans group since 2013.