IoT provider Sigfox has until February 25 to find a buyer as French courts speed up the receivership process by inviting companies to bid.

The Toulouse commercial court originally gave Sigfox six months to put its finances in order after the company went into receivership.

But now, as part of the receivership and rehabilitation proceedings, Sigfox’s management and its court appointed receivers are working together to find new partners and potential buyers quickly that could support Sigfox’s long-term development and proposal to maintain jobs.

Within this framework, the companies’ receivers have initiated a competitive bidding process, with a deadline for bids set for February 25, 2022.

Potential bidders have access to a related data room web site. The group says it will regularly inform the stakeholders on the steps to follow, in compliance with the rules of the insolvency proceeding and respecting the primacy of information due to the court and the insolvency officers, as well as the employee representatives with whom a dialogue is ongoing.

The company posted losses of over €90m for the last financial year and has seen steadily increasing losses over the past three years. Revenue has also been falling.

Sigfox was founded in 2010 and is headquartered in Labège, France, with offices in Boston, Dallas, Dubai, Madrid, Paris, Sao Paulo, Singapore and Tokyo.

Through a combination of low cost and low energy technologies, with a global network owned and operated by 75 operators, Sigfox enables its customers to gain visibility and track their assets around the world. Sigfox covers a population of 1.4 billion people in 75 countries, and processes nearly 80 million messages per day generated by 20 million objects registered to its network.