Friday, November 11, 2016

Shipyards of Saint-Nazaire: the collapse of STX avoided

It wasn’t. STX Offshore and Shipbuilding, the shareholder south Korean majority in the shipyards of Saint-Nazaire, to avoid liquidation. The banks have approved on Friday the plan of restructuring of its debt. The agreement comes a week after the commercial court of the central district of Seoul has announced that four companies were nominated for the redemption of the group, once the fourth manufacturer south Korean.

STX Offshore and Shipbuilding is immersed for years in huge financial difficulties, faced with a global demand in bern. Only nugget profitable for the group: the shipyards of Saint-Nazaire, a subsidiary of the south Korean group, which is in very good health with a backlog of approximately twelve billion euro for the next 10 years. With including 14 cruise ships to be built by 2026 to two wholesale customers, the swiss-Italian MSC Cruises and the american Royal Caribbean. At the beginning of the month of October, the French government had put a sudden pressure on the justice Korean, so that STX France is embedded in a sales plan overall: the French State is a shareholder, at 33% of STX France. The weapon of nationalisation had been stirred very briefly and informally. Then, the government had fine-tuned the shooting, referring to the use of the regulation of foreign investment – the decree Montebourg – to protect the shipyards of Saint-Nazaire, considered as strategic activities.

The rescue of the Korean group as a whole would increase by the emergence of 1,000 billion won (787 million euros) by 2026, through its activities, the sale of non-core assets and new loans, according to the plan presented before the Tribunal of commerce of Seoul. A “rehabilitation plan is deemed to be feasible,” according to the report of the expert accountant.

This decision opens the way for a resumption of the group, but especially to a redemption that is separate from the sole participation of 66% in the capital of STX France. Justice in south korea was refused last week to identify the four candidates in the running. The Seoul Economic Daily had, citing sources close to the sector, reported that the Dutch Damen, the Italian Fincantieri and the naval group French DCNS were on the ranks, the shipyards of saint-Nazaire.

The daily Ouest-France showed Friday, more precise, citing the names of four potential purchasers. It would be “two asian groups: China State Shipbuilding Corporation (SCCS) and Genting Hong Kong. And two europeans: the Dutch Damen supported by two cruise ship passengers (the swiss MSC, and the american RCCL), and the Italian Fincantieri, competitor to STX. The group naval military French DCNS would be involved in one of these two candidates.”

For a time, regretted on Friday, Francis January, the CFE-CGC, “we have not received any official information, these are only speculative”. Difficult to take a stand, completed it, then that”no candidate has presented his project”. STX France has 2,600 employees and makes work about 5,000 sub-contractors.


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