Safra SA has entered receivership following a significant decline in revenue, dropping from €12 million in 2022 to €7 million in 2023. Despite previous funding efforts, the company's financial situation deteriorated, leading the Commercial Court of Albi to take control. Safra aims to use this period to restructure and engage with a consortium for potential investment opportunities. The company insists this does not signify the end, but instead presents a chance for recovery and new investment inquiries while facing the challenges ahead passionately.
"Despite the sources of finance we have committed and worked on, the completion timescales have become incompatible with our needs," Safra states in a press note.
"The purpose of this receivership is to enable us to continue our business and restructure our liabilities under the aegis of the Commercial Court."
Vincent Lemaire, Chairman of the Safra's Management Board, said: "This situation is obviously difficult for all our stakeholders, but it in no way spells the end for our company."
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