By Olivier Voituriez

By decision of the Cannes Commercial Tribunal of 7 January 2014, published on 9 January, Rodriguez Group and subsidiary SNP Boat Service have been placed in observation for a period of six months renewable.

The measure was an automatic consequence of the Group’s failure to honour the 2013 reimbursement of banking debts as per the spring 2010 rescue plan.

In the summer of 2013, Rodriguez had renegotiated the plan with its main creditors to re-examine reimbursement of the €115m loan (covering €64m of mandatory debt).

In a press release, Rodriguez announced that this procedure in receivership entails a period of six months renewable during which the group is planning to negotiate new terms with its banking creditors. Activity will continue as usual, with the group honouring its current orders and deliveries.