Behind the debt of Recylex, the Swiss mining firm Glencore

Behind the debt of Recylex, the Swiss mining firm Glencore

The Paris Industrial Courtroom validated, on Wednesday July 6, the partial sale of the economic actions of Recylex to the Belgian Campine NV for 4 million euros. That is lower than 10% of the debt of the metallic recycling firm, primarily because of the Swiss Glencore. This choice follows Recylex’s receivership in Could. The takeover by the Belgian group of the lead battery recycling websites of Escaudoeuvres (Nord), Villefranche-sur-Saône (Rhône) and their sixty workers is accompanied by the switch to Campine NV of the participation of Recylex within the firm C2P (recycling of plastics and polypropylenes), additionally based mostly in Villefranche-sur-Saône.

Metaleurop, whose title stays linked to the economic historical past of northern France, grew to become Recylex in 2007. It was 4 years after the notably brutal closure of the oldest lead foundry in Europe, created in 1894 in Noyelles -Godault, within the Pas-de-Calais mining space. It solely took seven years for Glencore, one of many world’s main metallic merchants, to empty Metaleurop Nord of its substance, of which it had develop into the principle shareholder through Metaleurop SA, its mum or dad firm. In January 2003, it was by a lapidary fax that she induced astonishment by saying the closure, in a single day, of the northern foundry. It deserted 830 workers to their destiny with out severance pay. Jacques Chirac, then President of the Republic, had denounced “rogue boss strategies”. Metaleurop additionally left irreversible air pollution of the soil with lead and cadmium.

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Listed on Euronext Paris – its course was suspended in 2020 – Recylex is 29.76% owned by Glencore Finance Ltd, an organization from the Glencore galaxy, registered in Bermuda. The close to sole buyer for its lead enterprise is Nordenham Metall GmbH, a subsidiary of Glencore Worldwide AG. Recylex is indebted to the tune of 68.4 million euros, together with provisions for environmental dangers and liabilities. On this debt, we discover specifically Glencore Worldwide AG for a mortgage of 18.2 million euros (with capitalized curiosity), a return to higher fortune clause whose major creditor remains to be Glencore (3.5 million euros ), and a €25.6 million cartel effective imposed by the European Fee.

Limitless authorized proceedings

Lastly, there are the 5.7 million granted to SNCF Réseau by the executive courtroom of Marseille in June 2021 for the restoration of the general public railway area across the former industrial website of L’Estaque (and this, as much as €63.3 million as and when requires funds from SNCF Réseau). Recylex appealed this choice. Two years in the past, Recylex introduced the lack of management of its German sub-group, made up of 4 entities declared bancrupt. They had been taken over by Glencore in April 2021 through Nordenham Metall GmbH (the present major creditor of Recylex’s lead enterprise). It’s nonetheless Glencore which, on the time, granted a mortgage of 16 million euros to this German sub-group.

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