Indeed, the sale of the company’s assets was opened on the basis of Order No. 14-2017 of the Judge Commissioner which authorizes the Trustee to receive offers to purchase the refinery and all the assets. relating thereto to the exclusion of its liabilities.
Investors interested in purchasing SAMIR’s assets will have the opportunity to visit the Refinery. The decision established the procedure for
The latter are requested to submit their offers accompanied by the necessary guarantees, in accordance with article 636 of the Commercial Code. Tenders must be submitted within a period not exceeding 30 days from the date of publication of the advertisement.
The article in question requires that any offer contain an indication of the activity and financing forecasts, the transfer price and its terms of payment. It must also contain forecasts of the sale of assets during the two years following the transfer.
This announcement was well received by the Front National de Prévention de la Refinerie, whose president, Houssine El Yamani, considered that the Court’s decision proves its commitment to selling the company’s assets in order to cover the maximum possible debts of the company and preserve the employment contracts of the employees.
Mr. Yamani wondered if the government will have the will to contribute to the success of the judicial assignment. The Executive, for its part, is cautious. During his last press briefing, held at the end of the Council of Government, the Spokesperson of the Executive, Mustapha Baitas, indicated that it is illusory to believe that the SAMIR file will be settled in the short term. term. He hinted that the government will take the time necessary to study all the scenarios relating to the Refiner’s request, including the case submitted to ICSID arbitration.
Morocco, it should be remembered, is confronted with the former shareholder of the Refinery who is claiming compensation following the bankruptcy of the company in 2016. The Executive seems to be waiting for the outcome of the arbitration before taking a decision. An argument that Mr. Yamani categorically refuses, who considers that the restarting of SAMIR’s activity is not dependent on the outcome of the arbitration procedure.