Administrators have been appointed at French plywood producer Plysorol.
The company, which has three sites in France and production facilities in Gabon, was put under court protection following parent company Sonae Capital’s application for judicial recovery in the Commercial Court of Lisieux.
Sonae Capital said Plysorol was facing reduced demand and market decline. The global financial crisis has also presented serious obstacles to restructuring the company.
The court protection is for three months, during which administrators will be trying to sell the business, or parts of it,
Plysorol’s products include okoume, poplar and exotic panels.