The management of Fibre Excellence has submitted a takeover bid for the group to the Toulouse Commercial Court as part of ongoing restructuring efforts following the company’s entry into court-ordered receivership on 27 April. According to the proposal, management aims to secure the long-term future of the group’s industrial and forestry operations while preserving employment and maintaining a strategic domestic pulp production capacity in France.
The plan envisages the creation of a new company that would acquire all Fibre Excellence assets and retain its workforce. The proposed structure would be supported by a shareholders’ agreement involving both private and public stakeholders, including the French regions of Occitanie and Sud.
Management stated that several letters of intent from investors have already been secured, while discussions continue to finalise the shareholder structure and financing arrangements.
The offer remains subject to a number of key conditions that must be satisfied before a hearing scheduled for 17 June. Among the most important requirements is an agreement with the French government regarding measures intended to restore the group’s competitiveness.
These conditions include a revision of the electricity purchase tariff to better reflect biomass fuel costs and actual power generation expenses, the establishment of a strengthened partnership with the French National Forestry Office (ONF) to secure access to public timber resources, and the reintegration of the Saint-Gaudens mill into the European Union Emissions Trading System (EU ETS).
Management is seeking to secure approximately 25% of its wood supply from French public forests under the proposed arrangement. In addition, the project remains dependent on obtaining further financial commitments from private investors by 10 July.
“Management and I are putting forward this takeover bid because we firmly believe in the future of our sites,” said Jean-François Guillot, CEO of Fibre Excellence. “We are working hand in hand with all the teams, fully aware of the road ahead. Nothing is guaranteed: to ensure the long-term viability of the business, the key is to secure the fundamentals of our competitiveness in France.”
Guillot added that competitive electricity pricing, access to timber resources and participation in the European carbon market are essential to maintaining the viability of the company’s integrated pulp and renewable energy production model.
Fibre Excellence employs nearly 700 people directly and supports an estimated 10,000 indirect jobs across France’s forestry, wood processing and paper sectors. The company’s management argues that preserving domestic pulp production is strategically important for the French economy and industrial supply chains.
The Commercial Court is expected to review progress on the proposal during the next hearing scheduled for 17 June.
