Business news : Dufour Yachts, bailout approved by the Commercial Court !

Salvatore Serio, CEO Dufour Yachts

The Commercial Court of La Rochelle approved on Tuesday 24 September, the bailout of Dufour Yachts . It provides a change of shareholders, a deletion of part of the debt and a fresh injection of money by local authorities and French banks.

This bailout was made necessary by the withdrawal of the Italian shipyard Cantiere Del Pardo, which is a subsidiary Dufour . In the summer , this disengagement has led the direction of La Rochelle site to seek the help of local and French banks to ensure the future of the company and its 432 employees.

The bailout includes a portion of the bank debt incurred by Dufour Yachts with Italian banks is cleared : € 7.5 million the first year, 2 million the next. Totaling 9.5 million on a total debt of 20 million.

The other part of the rescue plan is in financial support from local authorities and French banks. The Poitou-Charentes region , the department of Charente -Maritime and the urban community of La Rochelle will bring a total of 4 million in the form of repayable advances secured by the real estate company . Another three million will be injected by three French banks ( Credit Agricole and Societe Generale CIC ) .

Finally, the current shareholders must transfer their title to a new joint stock company , called Newco, created by six frames Dufour Yachts whose current president, Salvatore Serio . It retains the majority stake in the new administrative and financial structure. In exchange for the transfer of ownership, Cantiere Del Pardo must make a write-off of EUR 3.3 million.

Dufour second manufacturer of pleasure boats in France behind the Beneteau Group , was under the control of Cantiere Del Pardo since 2001. A few months ago , the shareholders of Cantiere Del Pardo , investment Anchorage Advisors and Oaktree Capital, also owners of the Bavaria group funds , decided to sell the Italian shipyard and will inject more money. This has directly affected Dufour Yachts, strangled by a debt equivalent to half of its annual turnover.

By ouest-france.fr