Duralex in composition proceedings as debt difficulties mount

French table glassware manufacturer Duralex entered composition proceedings on 3 June 2005, having filed on 2 June 2005 for suspension of payments, enabling it to continue in business under court-supe…

French table glassware manufacturer Duralex entered composition proceedings on 3 June 2005, having filed on 2 June 2005 for suspension of payments, enabling it to continue in business under court-supervision. It had already announced to employees that May payments could be honoured only in part. The company“s financial troubles are attributed to increasing competition, a lack of equity and failure to find new investors. The current Duralex was created in 1996 and 1997, when the Italian group Bormiolo Rocco e Figlio acquired the Rive-de-Gier and La Chapelle-Saint-Mesmin glassworks from Danone and Saint-Gobain respectively. Bormiolo decided to close the Rive-de-Gier site towards the end of 2003, but, following protests by employees, manager Pierre-Andre Froger acquired the two plants to create Duralex International France, with the backing of the brand“s two distributors Sinan Solmaz and Andre Ioannides.