iphdrunk wrote:
Now, may I ask what are the implications of this (other than the we're not into "liquidation judiciaire" so no need to shutdown servers? I appreciate the courtesy of having us customers informed about the health of the company) but:
Following on my post and mrshad comment "I would like to point out that Nevrax isn't out of the woods (they are still in bankruptcy) just that they have been able to convince the review board that thier current path takes them out of the woods", I am not sure I understand. I apologize in advance, the news piece was not very deep in details, so I'd rather ask than having wrong info.
Marjo wrote:the meeting that takes place after each observation period was held today. It is a formal event where we evaluate the situation of the company. At the meeting we presented our continuation plan that will allow us to definitively get out of the "redressement judiciaire" (French equivalent to the Chapter 11). Faithful, our shareholders have decided to continue the adventure with us.
- "meeting held": was the continuation plan presented at the judge that is in charge of the case or only to the investors?
- "we evaluate": has the judge given the veredict yet, or has the observation period been extended to 20 months? the part "will allow us to definitively get out of the "redressement judiciaire" (French equivalent to the Chapter 11)" is that to be understood, "provided the judge does not rule liquidation" or did I understand badly?. Since the investors are somewhat involved with the company, isn't it somehow logical that they agree to go on, even invest a bit more if it looks good? isn't the final decision up to the judge ? isn't he the one to evaluate? -- I am not a lawyer, but this is interesting, I am not stating one thing or the other --
I'm still unsure what to conclude of the news, I would appreciate some insight:
a) either the observation period is over and there is no "liquidation", the continuation plan has been deemed "viable" and accepted, you are indeed out of "redressement judiciaire", the delays and "reductions" w.r.t to the passive have been negotiated and stated ( without precluding that, after the fixed delays the continuation plan has not been followed, the judge may still apply liquidation) and this is indeed excellent news or,
b) either the observation period has been extended to a top of 20 months, the continuation plan has been presented but no final veredict yet. You have the support from main investor, and the continuation plan still needs to be accepted. Is this the case? Are you basically saying that after presenting the continuation plan with the support from the (directing) investor, things look good but not still definitive?
Am I missing or misunderstanding something? From the news I can only follow that the plan has been "presented". Many thanks in advance for clarifying this. In either case, my congratulations. Such a piece of news is worthy of being posted.
