Friday, November 11, 2016

Shipyards of Saint-Nazaire : shareholder Korean STX avoids liquidation – The Parisian

Le sinking of STX was finally avoided. This Friday, creditor banks of the south Korean group, the majority in the shipyards of Saint-Nazaire, only one subsidiary, cost-effective STX, approved narrowly the plan of restructuring of its debt, thus ruling out the scenario of a liquidation.

A chartered accountant appointed by the court presented the findings of his study, believing that STX could raise 1000 billion won (787 million euros) by 2026, through its activities, the sale of non-core assets and new loans. “The rehabilitation plan is deemed to be feasible”, the judge said it in his report.

The approval of the creditors of STX comes one week after the announcement of justice of south korea, according to which the four companies are candidates for the recovery of the group. Justice in south korea had refused to identify them.

according To Ouest-France, 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.” According to The Tribune, Damen, Fincantieri and DCNS would be interested by the only redemption of STX France.

For the time being, regretted on Friday, Francis January, the CFE-CGC, “we have not received any official information, these are only speculative”. Difficult to take a position, he went on, that”no candidate has presented his project”.

STX France, which has 2 600 employees, and employs approximately 5 000 sub-contractors, is in full form. The company has an order book that is very well filled, with 14 cruise ships to be built by 2026 to two wholesale customers, the swiss-Italian MSC Cruises and the american Royal Caribbean. This redemption would be the third in ten years for the building, after Aker Yards in 2006 and STX in 2008.


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