The start of French manufacturer Reims Aerospace’s €3 million ($3.9 million) plan for a takeover by its 240 employees has been delayed until at least October.

President Gérard Russo had hoped the plan for employees to take control of the business by forming a Société coöperative de production (Scop) would be completed by the end of November.

But local authorities requested more details and asked current shareholder, Luxembourg-based private investment group Leithanien Investment, to set out its strategy to get the company out of administration when the plan was presented to them at the end of July. Russo says the employees will now present the updated plan to authorities by 15 October.

The takeover is set to be funded in part by French banks with employees covering some of the cost of the venture by buying shares at €1 each from Leithanien, which took over Reims Aerospace as part of a restructuring plan in March 2004.

Operations at Reims Aerospace, which specialises in the design and manufacture of aerospace assemblies, and counts Airbus and Dassault among its customers, are continuing as normal.

Reims Aerospace, which posted a turnover of €18.6 million in 2005, is now separate from Reims Aviation Industrie, with the latter retaining design rights for the general aviation range of now-defunct Reims Aviation, with Reims Aerospace taking the component work.

Source: Flight International