News
Smoby takeover to be completed this week
Ronnie Dungan May 14 2007, 11:15am
MGA Entertainment will take control of Smoby-Majorette 'within the next few days,' according to Alain Ribeyre, a lawyer representing Smoby.
Smoby has been under bankruptcy protection since March.
"It (the takeover) will allow the group to present payment proposals to its creditors and obtain legal approval of its rescue plan," a source said.
Smoby trade union members have still to meet the US group and have not yet commented on the takeover plan.
After an ambitious international expansion drive in an attempt to compete with peers such as Mattel and Hasbro, Smoby went into bankruptcy protection on March 19th with debts of €270m.
