The flagship of the metal industry, Delattre Levivier Maroc, who has been in the midst of judicial reorganization proceedings since April 26 following the decision of the Commercial Court, is still standing and does not seem ready to lay down his arms. Apparently the employees either …
There was a time when this leader in metal construction and assembly was so successful in Morocco that it experienced good and glorious times. But in recent years, the group has fallen into hell for the lack of orders, great cash flow difficulties, certain problems with foreign customers and the compromise of large contracts … In legal safeguard since December 2019, the Casablanca Commercial Court, which found that DLM is in default of payment, has just announced the procedure for its recovery.
And it is the trustee Rachid Sebti who was entrusted with the mission of establishing an overall balance sheet of the company which should be used to develop either a continuation or disposal plan, or in the worst case scenario a liquidation plan.
Commenting on this decision of the Tribunal in a press release published on April 27, the group said it was optimistic, confident and finally perceiving light at the end of the tunnel.
“You should know that for several years now, we have been waiting for a suitable solution that will allow us to recover. And we were not only hoping for a favorable outcome from the Commercial Court but also from the government ”, confides under the seal of anonymity to Hespress FR an employee who whitewashed under harness at DLM.
And to tell us: “Top management is regularly in discussion with the Ministry of Industry to try to find a way to recover astronomical sums from large state groups … But so far it has not gone beyond the framework of promises… ”. But this employee still continues to hope ardently that these discussions lead to something concrete in the end.
“If nothing is done in high places, the company will put the key under the doormat and it will be death for us. We very much hope that the company gets back on its feet and that it regains its letters of nobility of yesteryear ”, he says, while regretting a bygone era:“ It should be noted that just before the descent into hell of the group , employees were pampered with general increases reaching 3000 dirhams per employee following the signing of a memorandum of understanding with the HR Department.
And apart from the general increases generally distributed between the end of the year and the month of January, there was also the triggering of promotions in June of each year! We were more than motivated and in turn productive and our positive results are there to prove it ”.
And to predict: “Hope also remains, especially since the decision of the Court only confirms that the continuity of our activity is not called into question. And as the Management made it clear to us, this recovery is precisely intended to enable us to withstand the turbulence ”.
Opinion shared by a well-informed source close to the file who reiterates the importance of recovery from large customers, knowing that the company is experiencing a decline in its activities and results as well as cash flow difficulties with large contracts abandoned in mid – course …
And to reveal to Hespress FR: “The company is going through a very bad patch which pushed it to delay the payment of salaries and the payment of certain invoices from customers and suppliers…, but the fact remains that it did everything its possible to pay its staff recently and that it will also continue to do so, especially so that they can celebrate Eid El Fitr with dignity ”.
Listed on the stock exchange on April 29, 2008 at 729 dirhams, the title of the specialist in heavy metal industry in Morocco has never managed to exceed its initial value. Today, the share is trading at 40 dirhams.