The Agen Commercial Court opened a receivership procedure for Valoregen on July 30. Positioned since 2019 on the development of an innovative hybrid recycling solution of flexible plastic materials, the company had, in 2022, raised 17 million euros from private and public partners (1), to launch its production site on the Damazan ecoparc.
That same year, its president Thierry Perez signed a contract with the American Dow, making this petrochemical giant the main trading partner recipient of recycled plastics on the Lot-et-Garonnais site dedicated to the circular economy.
“This is not a market problem. We have orders and commitments. Our products are high performance approved and validated, but the real subject is that, since February, we have been delayed in distribution, linked to an evolution of European regulations on the traceability of products. So we need cash to pass this course and finance the start. But I failed to find a refinancing solution. And this one does not please anyone, ”explains Thierry Perez.
53 employees
Valoregen, who has already invested a lot and little produced, needs 1.5 million euros. The company, indebted, is under an observation period of six months. The court granted him a continuation of one month’s activity. Until September 2, when a new point will be made on the situation.
What can happen by then? “Today we have 53 employees. We work hard to find a solution. We already have contacts with buyers. Some have come forward. I am only a project leader, my case is secondary. This management act can open up to the change in shareholding mapping, ”comments Thierry Perez.
(1) Amundi, Amundi Finance and Solidarité, GSO Innovation, Crédit Agricole Aquitaine Expansion, Crédit Coopératif, the Nouvelle-Aquitaine Region…
