Wockhardt France: a successful restructuring

Article | 10/11/11 | 1 min. | Marie-Hélène Bensadoun Laurent Cotret Marie Danis Pierre Descheemaeker

The pharmaceuticals company Wockhardt, anticipating long-term difficulties related to the entry of generics companies on its market for brand-name drugs, has prepared the necessary restructuring for its pharmaceutical, chemistry, third-party manufacturing and sales promotion activities.  Its medical sales representative business was taken over by one of the managers during the safeguard proceedings initiated pursuant to a decision of the Versailles Commercial Court, allowing 90 jobs to be saved.

The industrial entities were sold to a pharmaceuticals group whose business focuses on molecules for the treatment of rare diseases. This takeover has prevented the closure of the site and made it possible to save over 50% of the workforce. The holding company Wockhardt France has obtained a rescheduling of its debt repayments.

Wockhardt France and its chairman, Ajay Sahni, were advised by August & Debouzy, with Marie Danis (partner), Laurent Cotret and Laure Martin advising on the legal aspects, Marie-Hélène Bensadoun (partner), Pierre Warin, Counsel and Olivia Guilhot on the labour and employment aspects and Pierre Descheemaeker (partner) and Benoit Robert on the corporate/finance aspects.

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