(Reuters) -Carmat now deemed it “extremely probable” a French court would conclude its liquidation after a takeover bid by the company’s chairman fell through as he failed to secure funding, it said on Monday.
WHY IT’S IMPORTANT
The collapse of the French company would mark the end of one of the bigger companies worldwide that produce and design artificial hearts.
KEY QUOTES
“At this stage, it is thus now extremely probable that the Bid will lapse on September 30, 2025, and that the Court will, in the very short term, decide the liquidation of the Company, which operations will then stop,” the company said in a news release.
“It is highly probable that the shareholders will lose the total value of their investment, while a major part of Carmat’s creditors will incur a very significant loss.”
CONTEXT
Carmat filed for insolvency in June after failing to raise emergency funds and requested receivership from the Versailles Economic Court.
Analysts had speculated that a takeover by an industrial player or financial partner could save the company, though its significant liabilities made government intervention unlikely.
Trading in Carmat shares remains suspended.
(Reporting by Jakob Van CalsterEditing by Tomasz Janowski)
