The French driverless vehicle maker NAVYA has filed papers with the Commercial Court in Lyon requesting the opening of a receivership procedure.
The company says it does not have sufficient available resources to meet its current liabilities.
It’s issued a statement in French, which is translated below in full:
NAVYA (FR0013018041- “ Navya ” or the “ Company ”), announces that it has today filed a declaration of cessation of payments with the Commercial Court of Lyon.
The employee representative bodies were informed of this today.
Given the evolution of its share price and the liquidity of the shares on the market, Navya was no longer in a position to issue new tranches of OCABSA in an amount sufficient to enable it to cover all of its cash needs. Furthermore, all attempts to back it up with investors have failed.
To date, the Company reports current liabilities and does not have sufficient available resources to meet them.
In this context, the Company requested today the opening of a receivership procedure before the Commercial Court of Lyon.
The objective of this judicial reorganization procedure is to assess all the solutions making it possible to perpetuate the activity, maintain jobs as well as seek investors within the framework of a reorganization plan, by way of continuation or a plan. of assignment.
The Commercial Court of Lyon will rule on this request for the opening of receivership proceedings during a hearing to be held on January 31, 2023. If the Commercial Court grants the Company’s request, the Company’s operations will continue during the observation period.
Navya will inform the market of the decision of the Commercial Court of Lyon.
Navya has asked Euronext to suspend its share price from this morning before the market opens. Given the uncertainty regarding the outcome of the receivership proceedings and the steps taken by the Company, the suspension of the listing of the shares is maintained until further notice and may possibly never resume.
Press releases will be published regularly as the procedure progresses.
(Picture – NAVYA)