In a shocking turn of events, Mithra nv, the parent company of a Liège-based pharmaceutical company specializing in women’s health products, has been declared bankrupt by the corporate court in Liège. The news was confirmed by the socialist trade union Setca after a special works council meeting.
The bankruptcy will affect approximately 19 employees, but it does not include entities Mithra CDMO and Novalon, which are currently undergoing a separate judicial protection procedure that will last until the end of June. Interested parties have been given the opportunity to submit bids for these entities.
Mithra had previously agreed to sell its Estetra and Neuralis entities to Hungarian group Gedeon Richter for around 50 million euros. However, due to ongoing negotiations with Gedeon Richter, the transaction has not yet been completed. The money from the sale will be used to pay off debts before being distributed among creditors in order of privilege. Unfortunately, this means that Mithra nv shareholders will receive no value from the sale.
Mithra had been facing financial difficulties for some time now, with CEOs leaving in March and assets put up for sale. Negotiations for a sell-out were initiated, but it became clear that proceeds would not be enough to repay all creditors. The main shareholders of Mithra included Francois Fornieri, Armistice Capital (an American investment company), Noshaq (a Walloon government holding company), and Alychlo (an investment company owned by Marc Coucke).
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