Wednesday, May 27, 2015

The directors of the SNCM bend to Baja Ferries – Le Figaro

Reversals offers on the shipping company and Christian Garin Patrick Rocca did not convince the court administrators.

Court administrators have finalized their report before the decisive hearing at the Commercial Court on Wednesday. Key finding memo that BBC could see: offer Christian Garin will not hold. The contractor would not have the loan of 5 million euros promised to ensure the sustainability of the business. In addition, the financial package presented to gather additional € 50 million is deemed “exorbitant” by administrators.

Christian Garin has indeed give two ships, the Pascal Paoli and Jean Nicoli, a company for half of their value and the rent under charter contract with a purchase option at the end of two years. The additional cost of such an operation reached 27 million. Above all, the Corsican regional authority has indicated in a letter dated May 21 that it opposed “to any application which would result in the transfer of ownership of vessels to a third party, in addition to a notoriously less than its market value. ”

The offer of Patrick Rocca Corsican carrier does not convince administrators. If the buyer does not keep the receipts of the public service delegation contract with Corsica alongside the South, “the project’s balance does not seem assured us,” they write. Baja Ferries and its growth project based on the Maghreb thus appear to hold the rope. With or without the South, Daniel Berrebi, CEO of Baja Ferries, maintains links with the Island of Beauty, but depending on the scenario, it retains 537 or 800 employees.


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