The Belgian branches of Makro and Metro have had their application for judicial reorganisation approved. The court of Antwerp grants the retail chain protection from its creditors.
One step closer to the end
Makro Cash & Carry Belgium had to wait impatiently for the last few weeks and days, but now the go-ahead has been given: the court has approved the application for a judicial reorganisation. This means that the loss-making chain will have time to draw up a reorganisation plan and will in the meantime be protected from its creditors. A judicial representative will be appointed to supervise the procedure.
However, the management and the new owner Bronze Properties already have a clear idea of what the reorganisation should look like: takeover candidates have come forward for the Metro wholesale division and some separate Makro assets. The intention is to transfer these assets and associated staff as soon as possible. In this way, the management hopes to protect the chain’s still viable economic activities.