French Ferry Operator SNCM Files for Court Protection

By Geert De Clercq PARIS/MARSEILLE, Nov 4 (Reuters) - France-Corsica ferry operator SNCM has suspended payments to creditors and filed for court protection on Tuesday, the first step in the search for a buyer that could take months. SNCM shareholder Transdev, a transport firm owned by Veolia and French state bank CDC, has tried to sell SNCM for years, but a European Union … [Read more...]

French Ferry Operator SNCM to Seek Court Protection Next Week -Source

PARIS, Oct 29 (Reuters) - France-Corsica ferry operator SNCM will file for court protection next week, a source close to the company told Reuters on Wednesday, which will clear the way for its shareholder Veolia to restructure its transport division. Water and waste firm Veolia and the French state, which together control SNCM, have said court protection from creditors is … [Read more...]

French Ferry Operator SNCM Loses State Aid Appeal

By Geert De Clercq PARIS, Sept 4 (Reuters) - Cash-strapped ferry operator SNCM looks set to seek legal protection from its creditors after Europe's highest court ruled on Thursday it must pay back 220 million euros ($289 million) of French state aid. SNCM, owned 66 percent by transport group Transdev, has racked up losses as low-cost competitors have eaten away its market … [Read more...]

French Government to End Corsica Ferry Blockades ‘Within Hours’ -Prime Minister

MARSEILLE, France, July 9 (Reuters) - French Prime Minister Manuel Valls said on Wednesday he would take steps "within hours" to end blockades of ports in Marseille and Corsica by workers of the SNCM ferry operator, who are striking over the firm's restructuring plans. Workers at the loss-making company partially owned by Veolia have been on strike since June 24, occupying … [Read more...]

Veolia Strategy at Sea Over SNCM Stalemate

By Geert De Clercq MARSEILLE, France, June 22 (Reuters) - Veolia Environnement, a global leader in water and waste management, has a little local difficulty: an ailing France-Corsica ferry operator that weighs on its shares, gives its CEO nightmares and puts the brakes on its strategic plans. At the end of 2012, new Chief Executive Antoine Frerot decided to get out of … [Read more...]