The Belgian group Rossel delivered yesterday a press release stating that it pulled out of an endless negociation for buying Group Hersant Media, GHM.It is the result of the negative votes of CGT Union people who refused the reorganization and loss of 220 jobs in the Eastern newspapers of GHM.
Is it the end of the story? Not at all. The union thought wrongly that the socialist government would pour tens of millions of euros to save their jobs. They had a nasty surprise when they realized that the staff of the Industry minister was made of the same civil servants they had met at CIRI, the Finance ministry department in charge of failing corporations. They understood too late that the socialists are not more wealthy and generous than Sarkozy people;
And yet, Hersant has to find a solution to pay back to its 17 bankers its 215 millions of debt. No hope that anybody will pay for him. Rossel is waiting very quietly for the unions to face the tough reality and the banks to agree for a partial loss in hope of saving the remaining part of the huge Hersant debt.