Walloon pharmaceutical company Mithra, known for its women’s health products, has turned to the courts for protection. The company announced on Thursday morning that it had sought judicial protection at the Liège corporate court. Under this protection, Mithra will be able to prevent creditors from taking legal action against it and appointing a legal representative to seek a buyer for the company or parts of it.
Mithra has also requested a judicial reorganization procedure for its branch Novalon in order to reach an agreement with creditors and restructure its debt. The company is currently facing significant financial challenges, with a net loss of 173.5 million euros last year and decreasing turnover. In addition to these financial struggles, Mithra has recently experienced economic unemployment among its staff and the resignation of its CEO.
Despite these challenges, Mithra has made progress in identifying potential buyers with the assistance of Stifel Investment Bank. Earlier this month, the company initiated a sales process to sell parts or all of its activities in order to raise necessary funds. However, it remains uncertain what the future holds for Mithra as it continues to navigate through these financial difficulties and seeks potential buyers to secure its operations. As of February 19th, major shareholders of Mithra include François Fornieri, Armistice Capital, and Noshaq holding company from Wallonia region.
