Global Bioenergies seeks buyer

Global Bioenergies announced June 3 that, despite efforts and discussions over the past few months with major industrial players, the company has been unable to find strategic investors to finance the continuation of its business.

As of June 3, the company had a gross cash position of 3-million euros (USD$3.4 million).

The 13.1-million euros (USD$14.9 million) in bank debt recorded Dec. 31 remains fully on the balance sheet, the company noted, thanks to the deferral of repayments obtained on a month-by-month basis with its bank creditors.

In view of its limited cash position, the company said it is now forced to launch an official search for buyers in the form of a “prepack sale” as part of a conciliation procedure.

The prepack sale enables potential buyers to position themselves for the acquisition of all or part of a company’s business and assets.

Once decreed by the commercial court, completion of the sale plan will be followed by the liquidation of the company, involving the uncollectibility of all or part of its liabilities, notably bank debts, and will result in the delisting of its securities.

“As a reminder, we were unable to finance our first plant project and switched in the autumn of 2024 to an R&D collaboration project with a major international industrialist, aiming to combine its technology with ours to produce particularly competitive sustainable aviation fuels,” said Marc Delcourt, co-founder, chairman and CEO of Global Bioenergies. “In this context, we had to finance our share of this project until profitability was reached.

“We contacted numerous potential investors, mainly large industrial companies who would play an operational role in the project in addition to their investment,” Delcourt added. “Despite several promising discussions and significant expressions of interest, we regret to say that none of these players is interested in acquiring a minority or majority stake in the company in its current configuration and in the current geopolitical climate, which is adverse to investment in solutions to fight global warming and promote the energy transition. As a result, we are now looking for a buyer for the business.”

Delcourt continued, saying, “In the context of a business acquisition through a prepack sale, the proceeds from the sale would most probably not be sufficient to repay shareholders, who would then suffer a total loss. As one of Global Bioenergies’ largest shareholders myself, I am fully aware of the financial loss this will represent for the many existing shareholders. Other options, which would allow the company to continue in its current form, remain theoretically possible, even if this prepack-sale procedure is launched, but are now highly unlikely.”

The deadline for submitting offers is July 9.

The offers of the potential buyers will then be examined, and the buyer will be chosen by the commercial court of Evry (France).

The closing, according to Global Bioenergies, could take place in September or October.

The company said interested candidates are invited to submit their offer to Joanna Rousselet.