Morocco: Samir crisis deepens with controversial winding-up order
Issue 326 - 24 Jun 2016
Despite promises from its Saudi-led management and legal advisers that billionaire owner Mohammed Hussein Al-Amoudi would resolve the financial crisis at Société Anonyme Marocaine de l’Industrie du Raffinage (Samir), the refiner remains in deep crisis, with creditors circling and no sign of the Mohammedia plant reopening. Following months of argument and delays, and an apparent agreement to restructure outstanding debt with a majority of creditors, the Tribunal de Commerce de Casablanca appeal court ruled on 1 June that Samir should go into liquidation as it was “irredeemably damaged”.
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