The board of leading French lace manufacturer Noyon Dentelles met with Boulogne-sur-Mer Court of Commerce on Thursday 24th September, in order to present the possible solutions for the company, following an observation period of twelve months to be completed by today.

Olivier Noyon, Chairman of the Noyon Group said: “Among the options presented by Maître Labis, legal administrator, the proposal of a continuation plan involving the main actors of the French lace industry was presented as the most reliable solution for the perpetuity of the company and the interest of its employees. This option was also presented as the one which could give the best guarantee for the payment of a dividend to the creditors.”

Mr Noyon said that this scheme had particularly attracted the attention of the court which has accepted the proposal of the prosecutor to grant the company an extension of 6 months.

“Meantime, the company will develop the details of the plan, have it approved by the tribunal and implement it. Based on the agreement in principle signed by all partners, Noyon’ management is going to take profit of the coming weeks to quickly finalize the terms of conclusions and establish the new organization,” added Mr Noyon.

“Noyon is a key component of French lace industry and the future of all the French companies dealing with this activity is intimately linked to Noyon fate. The liquidation of the company, as well as the possibility of an unfavourable takeover was a major risk to the profession. It justified the mobilization that was established in order to preserve an offer and know-how appreciated by worldwide customers,” noted Mr Noyon.

“This commitment demonstrates the strength of a professional group which can get together on strategic and vital objectives as the best response to the crisis. It is a strong sign sent to customers and suppliers: French lace manufacturing adapts its organization and its tools to the market requirements and continues to give the excellence of creativity,” Mr Noyon said.