CHAPTER 11
Work wise, things have taken a sudden turn for the worst.
After having invested a little more than 1M€ in 2007 the business has entered a turbulent time. We are now in what the French call "Plan de Sauvegarde" or, as it is known in the US, "Chapter 11".
The MD is still in charge of the day to day running of the business and although an Administrator has been appointed, his role is primarily to assist in drawing up the "Plan" as to how the company will be run in the future. One of his more important tasks will be extending the credit either from the banks or from the major suppliers.
For the first time in over a hundred years there have been redundancies throughouot the group; 15 in total. In my department, I've lost 4 members of staff with 8 remaining. The work has slowed down to such an extent that even with 4 less people there are days when there isn't much to do.
Being one of the directors of the group I obviously participate heavily in the restructuring of the 10 companies and in the creation of the Plan.
I have confidence in the MD and his sons. The immediate future will be difficult but I firmly believe that we will make it.
Put it this way; if I do my 22nd Cannes Film Festival in May we've made it! If not, well I don't want to think that for the moment...
After having invested a little more than 1M€ in 2007 the business has entered a turbulent time. We are now in what the French call "Plan de Sauvegarde" or, as it is known in the US, "Chapter 11".
The MD is still in charge of the day to day running of the business and although an Administrator has been appointed, his role is primarily to assist in drawing up the "Plan" as to how the company will be run in the future. One of his more important tasks will be extending the credit either from the banks or from the major suppliers.
For the first time in over a hundred years there have been redundancies throughouot the group; 15 in total. In my department, I've lost 4 members of staff with 8 remaining. The work has slowed down to such an extent that even with 4 less people there are days when there isn't much to do.
Being one of the directors of the group I obviously participate heavily in the restructuring of the 10 companies and in the creation of the Plan.
I have confidence in the MD and his sons. The immediate future will be difficult but I firmly believe that we will make it.
Put it this way; if I do my 22nd Cannes Film Festival in May we've made it! If not, well I don't want to think that for the moment...
posted by boxclever at
3:36 PM
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