Article: Moulinex Files for Bankruptcy

ELAINE GANLEY, Associated Press Writer
AP Online
09-07-2001
Moulinex Files for Bankruptcy

PARIS (AP) -- Moulinex SA, the French appliance maker that got its start producing hand-operated mashed potato grinders, filed for bankruptcy Friday and was quickly put into receivership.

Industry overcapacity and fierce competition from overseas suppliers combined with a $731 million debt load led to the filing.

Chairman Patrick Puy will remain in office to manage the company with the receivers, a statement by Moulinex said.

Puy said the debt-ridden company's main shareholder, Italian group Elettro Finanziaria SpA, also known as El.Fi, failed to ``keep its commitments'' for a $312 million rescue ...

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