Ymagis Group (FR0011471291, MAGIS, PEA-PME, TECH 40), the European specialist in digital technologies for the film industry, has decided to ask the Commercial Court of Nanterre to place one of the French subsidiaries of its Eclair business unit, Eclair Cinema SAS, in receivership given the performance of its activities in post-production and the restoration of cinematographic and audio-visual works.
Eclair Cinema represented 5.5% of Ymagis Group’s revenue for the first half of 2018 and almost all losses recorded over this same period. In 2017, the subsidiary generated revenue totalling €12.4M. Eclair Cinema mainly focuses on the French market in the post-production and restoration sectors, activities which are severely affected by: (i) fierce competition, (ii) shrinking markets in terms of volume and value, and (iii) the announced decline in restoration project financing by public bodies.
In line with the applicable regulations, Ymagis Group will issue statements at each new stage of the procedure.