SeaFrance leaves debts of around EUR 190 million
January 12, 2012
The liquidator of collapsed cross-Channel operator SeaFrance has estimated its debts at €190 million, most of which is owed to its parent, French state railway operator SNCF.
Meanwhile, a Eurotunnel spokesperson revealed to IFW that the group had already contacted the liquidator with a view to acquring SeaFrance’s vessels.
Liquidator Stéphane Gorrias said the first priority was to “safeguard the rights” of SeaFrance’s personnel who number more than 800. SNCF has made a commitment to offer jobs to 500 workers.
The second stage in the process will be the evaluation and sale of SeaFrance’s assets, in particular, its fleet.
It owns three vessels: the Nord Pas de Calais, a freighter with an estimated value of €9-€10 million; and Berlioz and Rodin (pictured), ferries worth between €50 and €70 million each. A fourth ship, the Molière, had been operated on lease-back.
A broker will be designated to conduct the sale of the vessels.
The proceeds would still fall well short of SeaFrance’s debts of €190 million. And the company’s liabilities are set to increase in the coming weeks, with salaries due to redundant workers having to be paid through an independent wage guarantee fund that, ultimately, will have to be reimbursed.
The final stage in the liquidation process will see creditors being paid – Gorrias stressed that the French state and taxpayers should not have to contribute to the bill.
Although SNCF is state-owned, and has already put in claim for the €170 million it is owed, it has to operate like a private firm and must legally bear any losses without state aid.
The liquidator said he was determined to seek out who was responsible for SeaFrance’s ruin.
Meanwhile, a Eurotunnel spokesperson confirmed that the group was eyeing SeaFrance’s vessels.
Chief Executive Jacques Gounon told a French newspaper that Eurotunnel could be the majority partner in a venture operating a cross-Channel ferry service between Calais and Dover in partnership with a co-operative of former SeaFrance workers.
This week, DFDS and French partner LD Lines announced they would launch a ferry service between Calais and Dover following the demise of SeaFrance. The two are looking to hire around 300 SeaFrance workers.
Courtesy of IFW
