The insolvent Spanish consumer appliance company Fagor has been given approval by a court in Spain’s northern Basque Country region to sell its brand trademarks to an Algerian firm, Cevital, for 25 million euros.
The brands include Brandt, Vedette, Sauter and De Dietrich.
That opens the way for a possible total takeover of Fagor by Cevital, currently, something which is currently being considered by a French bankruptcy court.
A takeover by the Algerians would save 1,200 of the 1,800 jobs at Fagor’s plants in France, as well as 350 positions in Poland and 300 in Spain.
Fagor, which is the fifth-largest electrical appliance company in Europe, has long had cash flow problems and was carrying debts of over one billion euros when it filed for bankruptcy protection from its creditors in November 2013.
Fagor was part of the cooperative Mondragon group.
