By judgment dated 7 January 2014 , notified on 9 January,Commercial court of Cannes gave the opening of insolvency proceedings against companies SNP BOAT SERVICE AND RODRIGUEZ GROUP.
This measure is the automatic consequence of non-payment of the 2013 maturity backup plan SNP Boat Service , the company that began in the summer of discussions with its major creditors to review the plan and reduce the burden of debt which amounted to € 115 million ( including € 64 million bond debt ) .
It opens for the companies SNP BOAT SERVICE RODRIGUEZ GROUP and an observation period of six months renewable , which the Group intends to use to sign a new agreement with its bank creditors.
The operation will continue under the usual conditions , the Group has taken all necessary steps to organize the smooth running of orders and deliveries.
"Our operational restructuring was completed in 2013 and we have a good business plan that we built step by step and which corresponds to market expectations. The next six months will bring back all of our partners around the table to discuss a new basis the last part of our recovery plan , namely the treatment of bank debt , "says the Executive Board .
By press release
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