French sock manufacturer Olympia has been placed under administration for a period of six months by a commercial court in Troyes.

The company claims its survival has been under threat since losing a judicial appeal earlier this year on the payment of a EUR2.5m (US$3.8m) compensation package to 47 workers made redundant in 2006.

Last week Olympia declared itself insolvent and requested to be placed under administration, having failed to reach a concililatory agreement on the payment of the compensation over a 24-period.