French Government Launches Legal Action Against Greybull Capital in NovAsco Liquidation

On January 19, 2026, the French Ministry of Economy announced unprecedented judicial proceedings against Greybull Capital, the British investment fund responsible for NovAsco's liquidation, formerly known as Ascometal. At a press conference held in Bercy, Paris, Minister Delegate for Industry Sébastien Martin revealed that a lawsuit was filed against Greybull Capital the same day due to their failure to honor significant investment commitments. Despite receiving €85 million in public aid, Greybull was obligated to invest €90 million—including €15 million in equity—but only contributed €1.5 million before abandoning the company just one year after acquisition.

The announcement followed a protest by NovAsco employees on November 14, 2025, outside the company's headquarters in Hagondange, Moselle, highlighting workers' dissatisfaction and demanding corporate accountability. The French state is collaborating closely with the laid-off workers to hold the fund accountable, a move described by Christophe Clerc, a lawyer representing the employees, as a historic step in protecting investor rights.

This legal action reflects the French government's commitment to addressing controversies surrounding NovAsco's financial management and safeguarding workers' interests in the wake of the company's liquidation.