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France Sues Greybull Over Novasco Turmoil as Court Weighs One-Site Rescue

The industry minister says he will take the fund to court for failing to deliver €90 million promised during the 2024 takeover.

Overview

  • Strasbourg’s commercial court is due to rule this morning, with the favored Metal Blanc consortium expected to keep only the Leffrinckoucke plant and leave Hagondange, Custines and Saint-Étienne facing liquidation.
  • Under the preferred bid, about 144 of roughly 700 jobs would be retained, putting more than 550 positions at risk, including around 430–450 in Hagondange.
  • The government has ruled out nationalization for now, seeking to secure the industrial land to prevent asset stripping and to line up new investors.
  • Workers at Hagondange have staged protests with tire fires and a slow-drive convoy on the A31, shifting their demands toward stronger exit packages.
  • An alternative offer from Europlasma sought all sites but was assessed as weak and would have saved only about 75 jobs at Hagondange, as Novasco undergoes a fourth judicial recovery in a sector pressured by energy costs and foreign competition.