Romanian parent company Liberty Galati has agreed to initiate a silent bankruptcy process for its Belgian subsidiary, Liberty Liège, according to news site L-Post.
In response, worker representatives have suspended their own bankruptcy filing for Liberty Liège and have aligned with the procedure suggested by the temporary administrator.
The Liège business court had previously appointed a panel of pre-curators to find a buyer for the assets freed from debts. An audience scheduled for Monday, 14 April at 9:00 is expected to request a 30-day extension to allow the silent bankruptcy process to proceed smoothly.
“This procedure allows us to avoid a legal battle with Liberty Galati’s management that could have lasted several months,” said Alexandre Caruana, Setca delegate at Liberty Liège.
Silent bankruptcy allows workers to maintain their rights and can only last a maximum of 60 days before a full bankruptcy is declared.
