Mithra declares bankruptcy, causing shareholders to lose money

The Liège-based pharmaceutical company, Mithra NV, has been declared bankrupt by the corporate court in Liège. This news was announced by the socialist trade union Setca following a special works council meeting and was later confirmed by the company in a press release.

Mithra’s shares had been suspended from trading due to financial difficulties for some time now. Despite having a stock exchange listing, the company is unable to provide any funds for its shareholders at this time. However, the bankruptcy does not affect Mithra CDMO and Novalon, as these entities are currently undergoing a separate judicial protection procedure that has been extended until June 30 to allow potential bidders to come forward.

An agreement had been reached with Hungarian group Gedeon Richter for the takeover of Estetra and Neuralis entities in an effort to save around 50 jobs in Liège, as stated by Setca. Negotiations with Gedeon Richter are ongoing, and it is expected that the transaction will be completed promptly. The proceeds from the sale will be distributed to creditors based on priority without any benefits for Mithra NV shareholders.

The financial challenges faced by Mithra have led to the departure of its CEO in early March. In an attempt to address cash flow issues, the company obtained bridge loans to sustain operations for a limited time and actively pursued sell-out negotiations. Unfortunately, it was apparent that the proceeds generated would not be sufficient to cover all outstanding debts. Key shareholders of Mithra include François Fornieri, Armistice Capital, Noshaq (formerly Meusinvest) – a Walloon government holding company, and Alychlo – an investment firm owned by Marc Coucke.

By Sophia Gonzalez

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