History is in a bad spiral from the beginning

Apparently, everything is in DMC. Alsatian, more that bicentennial, society continues to export her sons recognized around the world. Less threatened by competition Asia than its counterparts in the textile, it displays a solid order books and its operation is much beneficial. Only problem, the company has virtually no own funds: EUR 1 million, according to the latest figures to date, while its owner, the Group Krief, was engaged to provide 8 million when it it was at the helm of the tribunal de commerce, end of 2008. "It is one of the cases of Krief which works best." Overall DMC, son activity was the nugget of the group prior to judicial remedy. "It would be economically absurd to put on the ground," enrage Valérie Leloup-Thomas, the judicial agent who was in charge of the case when the House was in receivership, two years ago. In the meantime, the liquidators have before the tribunal de commerce of Paris and set an ultimatum to the shareholders: today at the latest, the Auditors will have to see that DMC has well capital EUR 8 million.

For Louis Petiet, Krief Group President (ex-Bernard Krief Consulting, BKC), everything is arranged. "We redid expertise attesting that the own funds reach well EUR 8.4 million, with an increase of capital subscribed by Alsatian partners." "The next General Assembly will validate this point," he promises.

But promises, baron Petiet has made a number in recent months. Rarely followed by effect. Far from being an isolated case in the Galaxy Krief, record DMC blurred a little more the image of this man, whose practices intrigues. Beyond the iconic case of Heuliez, to which the holding company of investment has never provided the promised 15 million, other companies have aroused the vigilance of the small world of firms in difficulty, commercial courts, administrators and judicial agents. The "serial buyer", which was on a mission to rescue of French industrial companies, even the most poorly in point, is confronted with a series of failures in its portfolio: Spiral Concord, SAIC Velcorex, Authentica and the chain of stores Soho were placed in judicial liquidation less than two years after the purchase by Krief Group. Ditto for Isotherma, a Le Havre company specialized in thermal insulation, where they are even employees who have pushed for the implementation of bankruptcy. Others are not yet fixed on their fate, the image of Montaigne Fashion Group, which still awaits the decision of the tribunal de commerce concerning proposed by Krief continuation plan. As the Cap 24 television channel, she comes to be resumed by NextRadioTV, Alain Weill group.

Is this because Louis Petiet tackles difficult challenges Not only. These companies have common point of not receiving the own funds promised by Krief at their resumption. They also share this cry alarming unions, stating that providers are even more lack of cash, that social contributions were not paid.

At each alert, Louis Petiet is soothing. That several companies in its portfolio are in bankruptcy "The impact on our accounts will be lower that the consolidation of the losses would have been", tells. That his group had more obtained record at the helm of the tribunal de commerce a year soon "We have always said that 2010 would be a year of consolidation." Only Heuliez is is again found in judicial relief, less than a year after the purchase "We filed an offer including commitments which have been denounced." Louis Petiet has an answer to all the concerns surrounding his group. Even at the last threat weighing on activity: a procedure for alert launched by the Board of Auditors, which will result in a general meeting on 13 July. The hypothesis of a bankruptcy Louis Petiet categorically excludes it. According to him, "the AG aims to close the alert procedure." Another of our companies, Concord Airports, has been the subject of such a procedure. The General Assembly took place and closed the alert. The same will take place with Krief.

Its powerful power of conviction already allowed him to be the most difficult situations. As in the month of December 2009, where it will, within a few meetings to persuade public authorities as well bring the 15 million euros promised to Heuliez, as editing complex. "Today, Heuliez is saved, Heuliez is standing, Heuliez is solid", had said the President of the region Poitou-Charentes, Ségolène Royal. Christian Estrosi, Minister of industry, had him, praised the record has been "unblocked". Heuliez has never seen the colour of these 15 million and now crosses his second period of judicial remedy.

Because the words are not everything. That the clouds gathering, Louis Petiet has become increasingly difficult to maintain the illusion that it control of the situation. At the time, among those who felt aggrieved, the legal response is organized. The Blanchard group, a manufacturer of technical wire based in Ardèche, before the tribunal de commerce in nullity, considering himself unfairly evicted the DMC record when he was assigned to Krief end of 2008. His argument: the commitment to equity was EUR 8 million was a crucial element in the choice of the commercial court. In Isotherma, an important supplier, Entrepose scaffold, initiated proceedings against his former client, but also against its shareholder, Bernard Krief institutional, 60 owned by Krief. By Bernard Darreau, delegate CGT of Le Havre society, "the financial brigade investigation to verify the accounts. Information that Louis Petiet describes as "local Union fantasy." When contacted, the Attorney for le Havre did not wish comment.

Beyond these legal aspects, it is also the suspicion that he is now threatening its activity. Heuliez, Didier Picot and Emilio Gallucio, leaders visibly ranks are of him in the heart of the controversy. If the policies have a time given an interest to support this Angel "saviour of the French industry", they quickly dropped it the first difficulties. Finally, the Administrators now tend back, as evidenced by the prudence of Christophe Thévenot case Montaigne Fashion. End of may, he published in "Les echos" an advertisement for a tender on the small group of fashion is always waiting for items concerning the continuation plan. "The evolution of the record Heuliez me prompted to look for buyers to avoid a liquidation of the company, in the event that the plan proposed by Krief Group would not be funded", he explained recently.

For some employees, Louis Petiet would not wrong to do. "He tackles difficult challenges and sometimes it doesn't work", is a former leader of one of its companies, in bankruptcy. "Krief has perhaps not provided the money in own funds, but in another form, for example by directly paying suppliers." Its partner in the capital also helped by extending the payment period. "He is before all a bad combination of circumstances which led to the failure of the relief. "History is in a bad spiral from the beginning." Krief dropped by partners, these are things that arrive.

It must be said that Louis Petiet perhaps tends to give too much credit to the promises of its partners. The Heuliez folder, the ex - BKC filed an offer including a contribution of 10 million euros of the Chinese automaker Chery, while negotiations with the latter had not been completed. Not to mention that some of its financial reasoning are doubtful. As when speaking before students from the ISG three months ago, he said concerning the resumption of Heuliez: "against a cheque for Bank of 30,000 euros, I active EUR 150 million, or a leverage of 1 in 4,000. There is a worse risk. The election campaign, are allowed to do all possible turqueries. "If it was so simple to get this effect of leverage, Krief would it really have been the single candidate for the takeover of the automotive group Convinced that the "cash" anesthesia business, the Group made "lease back" contracts a central instrument for its operation. That is, the portfolio companies become tenants of their machines or their