Anne-Francoise Pele EE Times Europe (06/19/2009 10:00 AM EST)

PARIS — France-based Asteel, specializing in electronic and electromechanical subcontracting, announced the opening of insolvency proceedings for its subsidiary, Asteel Flash Bretagne, in Douarnenez, at the Commercial Court of Quimper on June 17.

The Commercial court of Quimper named an administrator to help the company management get things back on an even keel. An observation period of six months, renewable, has been decided, and the company's situation will be reviewed on Sept. 4.

Late April, Asteel Flash Bretagne unveiled a restructuring plan that entailed 44 layoffs, on a total of 134 jobs.

Asteel group employs 2,200 people over all its sites.