It may sound incredible on the other side of the Ocean, but France != Germany !
(the even was a small fight beetween them a few years ago)
But it has nothing to do with this fact, here. The foundry was sold to LFoundry which made a subsidiary out of it. This way they can take the good out of it (running orders) and then place it under bankruptcy when they don't need it anymore.
This way they don't pay the collective (or individual) redundancy plan, not even the last month salaries: those will be paid by french salary insurances (AGS).
Inetersting story Peter...but why why would it be easier for Germans to close the fab than for French? I would think labour regulations would be equally stringent...if they sold to China that would be a different story