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Article: Moulinex files for protection from bancruptcy

Article from:
The Independent (London, England)
Article date:
September 8, 2001
Author:
Copyright

MOULINEX, the household appliance maker, filed for bankruptcy protection yesterday after the collapse of talks to resolve its funding crisis.

The French group, famous for products like kitchen blenders and Krups coffee machines, has been making losses since 1999. Its debts stand at about pounds 500m. Moulinex was taken over last year by Elfi, an Italian group controlled by the Nocivelli brothers, and merged with the Brandt business, another maker of appliances.

Moulinex's chief executive, Patrick Puy, blamed the failure of the company on the unwillingness of the Nocivellis to match the financing being offered by the company's banks. Moulinex needs 230m euros (pounds 140m) altogether over ...

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