Ghent-based chemical group DOMO Chemicals bankrupt
Ghent-based chemical group DOMO Chemicals has been declared bankrupt, De Tijd reported on Wednesday after the ruling was published in the Belgian Official Gazette. The group had already sold off most of its main international activities in recent months as it struggled with mounting financial difficulties.
Last week, the Ghent Commercial Court declared three Belgian entities within the group bankrupt: DOMO Chemicals Holding, DOMO ICT and DOMO Engineered Materials, all based in Zwijnaarde. The same trustees have been appointed in all three cases and will now oversee the winding-up of the companies.
Neither the management nor the De Clerck family, which owns the group, could be reached by De Tijd to comment on the bankruptcy or its implications.
It remains unclear how many jobs in Belgium will be affected. The Belgian entities mainly housed the group’s holding structure and support services, including IT, human resources and administration.
DOMO Chemicals had been facing financial pressure for some time and had reportedly required tens of millions of euros in additional capital injections in recent years, without achieving a lasting turnaround.
On Monday, the company announced the sale of the activities of its Engineered Materials division to Lone Star Funds, a US investment firm specialising in restructurings.
#FlandersNewsService | © BELGA PHOTO HERWIG VERGULT
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