Cermed Ceramica Mediterranea: court-ordered liquidation declared
The ruling by the Court of Cagliari brings an end to the journey of the company established under the mining conversion support scheme
by Davide Madeddu
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Key points
The journey of the ceramics made from Sardinian clay has come to an end. For Cermed, Ceramica mediterranea, a company based in Guspini in the Medio Campidano area, the Court of Cagliari has ordered judicial liquidation. This is the procedure that applies to business owners and which replaced bankruptcy with the introduction of the Crisis Code.
A lovely story without a happy ending
The judgement, handed down on 13 October, marks the end of the journey for the company that emerged from the privatisation of companies established with the aid provided for mining conversion. The production site was intended to provide employment for former miners from Montevecchio and to produce ceramics using clay sourced from the region. A sort of ‘zero-kilometre’ supply chain, or nearly so. Following the initial transition from public to private ownership, privatisation took place, leading to an initial revival. This was followed by a period of decline, another revival, and then a crisis triggered by costs that had become increasingly unsustainable.
The crisis and the uncertainty about the future
In recent weeks, proceedings had also been initiated for a composition-with-creditors proposal. During this process, time had also been granted to reach a solution. Ultimately, however, the matter was brought to a close with the bankruptcy ruling against the company, which had liabilities of 52 million euros as at 31 December last year.
A creditors’ meeting is scheduled for 18 March. Attention is now focused on the future. Trade unions are pressing for social safety nets for workers, as well as solutions to save the complex , which employs around 120 people in Sardinia and about ten at the Sassuolo site, where the sales department is based.
Sky-high energy costs
High costs were the main factor behind the company’s decline. Specifically, it had to contend with gas shortages and soaring electricity prices, as well as price rises affecting road and sea transport, not least because the bulk of its production has always been destined for overseas markets. The various measures taken were not sufficient to overcome the difficulties, which were also exacerbated by the company’s lack of liquidity.
