SAMIR Moroccan and Italian refining, started in 1959 as a limited company. Represented by the "Office of Studies and Industrial Portfolio" and "Italian petroleum board." It were the first crude oil distribution unit has a capacity of 1.25 million tons per year. The company becomes Moroccan entirely in 1973. In 1996 made its IPO in the Casablanca Stock Exchange. In 1997 privatization and transfer of 67.27% stake in Corral group. SAMIR Company has a 10 tons per year refining capacity. A storage capacity of 2 million meter square of crude and finished oil. It has 4200 direct and indirect employees, more than 200 Moroccan companies outsourcing.
SAMIR has heavily invested nearly 30 billion DH on almost exclusive basis of the debt over the period …show more content…
The company has a period of ten days to appeal. This court decision was expected since Corral, the majority shareholder of Samir, has not submitted a satisfactory recovery plan. Even different capital increase proposals were below what was expected as collateral. With this decision into liquidation, a procedure is deployed. The judge appointed a chartered accountant as a trustee and a justice commissioner who take orders. Management is discarded. The trustee is responsible for conducting and recovery operations and liquidation from the opening judgment until the close of the procedure. It monitors the implementation of the continuation plan and carry out the verification of claims under the insolvency judge's control. It is also required to comply with legal and contractual obligations of the entrepreneur and holds supervisory judge informed of the progress of the procedure. For its part, the insolvency judge is responsible for ensuring the expeditious conduct of the proceedings and the protection of interests. It shall act by order of requests, claims and disputes under its jurisdiction as well as claims against the actions of the trustee. Supervising judge of the orders are immediately registered at the Registry. If, after this period of three months, claims the refiner are repaid, the liquidation may be
SAMIR has heavily invested nearly 30 billion DH on almost exclusive basis of the debt over the period …show more content…
The company has a period of ten days to appeal. This court decision was expected since Corral, the majority shareholder of Samir, has not submitted a satisfactory recovery plan. Even different capital increase proposals were below what was expected as collateral. With this decision into liquidation, a procedure is deployed. The judge appointed a chartered accountant as a trustee and a justice commissioner who take orders. Management is discarded. The trustee is responsible for conducting and recovery operations and liquidation from the opening judgment until the close of the procedure. It monitors the implementation of the continuation plan and carry out the verification of claims under the insolvency judge's control. It is also required to comply with legal and contractual obligations of the entrepreneur and holds supervisory judge informed of the progress of the procedure. For its part, the insolvency judge is responsible for ensuring the expeditious conduct of the proceedings and the protection of interests. It shall act by order of requests, claims and disputes under its jurisdiction as well as claims against the actions of the trustee. Supervising judge of the orders are immediately registered at the Registry. If, after this period of three months, claims the refiner are repaid, the liquidation may be