PTT Global Chemical Public Company Limited (SET: PTTGC) has announced that on September 10, 2024, the Commercial Court in Lyon issued an order to accept the petition for consideration and commence a judicial collective proceeding in respect of Vencorex France and Vencorex TDI.
The order came after Vencorex France S.A.S.U. (Vencorex France) and Vencorex TDI S.A.S.U (Vencorex TDI), indirectly wholly-owned subsidiaries of PTTGC, filed a petition on September 6, 2024, to enter into the judicial reorganization proceedings under Book VI of the French Commercial Code with the Commercial Court in Lyon.
The judicial reorganization proceedings are expected to complete within 3-4 months. During this period, the subsidiaries will continue to operate safely and maintain production to continue to serve their customers. The company will work closely with the subsidiaries to ensure a smooth transition.
