Morocco's General Tire in insolvency proceedings

Moroccan tyre maker General Tire, which is 34.2 percent owned by Germany's Continental AG, said on Tuesday it had begun formal insolvency proceedings after a restructuring plan failed, MAP reported.

The announcement came almost six months after the suspension of the stock from the Casablanca bourse, where it had been listed since 1995.

"In view of the financial difficulties to which General Tire Maroc is confronted... it has been decided to proceed with insolvency together with a request for judicial adjustment in conformity with the law," the firm said in a statement.

It said its deficit rose to 61.9 million dirhams ($5.4 million) in July from 54.2 million dirhams ($4.7 million) at the end of last year.