NAPOLEON BONAPARTE

General information

Course/Position

Latest news

French Ferry Operator SNCM to Seek Court Protection Next Week

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 the only way to shield the loss-making ferry operator from two separate European Union state aid repayment claims totalling 440 million euros. Public passenger transport firm Transdev, a joint venture between Veolia and French state bank CDC, owns 66 percent of SNCM and is set to put it under court protection next week. Following a 17-day strike in June-July, Transdev had promised unions not to take the court route before the end of October. “Transdev will surely put SNCM under court protection next week,” a source familiar with the company told Reuters. A second source, who also declined to be identified, said Transdev could move as early as Monday. SNCM said in a statement on Wednesday that a new meeting with unions set for Nov. 18 would not extend the moratorium on seeking court protection and called on unions not to strike. Once the firm goes under court protection, a new shareholder could buy some of SNCM’s eight ferries and continue operations under a new legal structure, with some 800 to 1200 of SNCM’s more than 2,000 staff, according to a management plan outlined to unions earlier this month.

Mexican Baja Ferries Hopes to Buy SNCM

Mexican ferry company Baja Ferries said on Tuesday it hopes to close a deal to buy troubled French ferry operator SNCM before November or December. SNCM (Societé Nationale Corse-Méditerranée), which runs routes from cities on France's Mediterranean coast to Corsica and northern Africa, has accrued losses of about 250 million euros ($340.38 million) from 2001 to 2013. In May, Baja said it was in talks with French transport firm Transdev about buying its 66 percent stake in SNCM. Oscar Ruano, director of Baja Ferries, told Reuters the company would concentrate on routes between Marseille, Corsica and north Africa, but could also expand to more ports in northern Africa, such as in Morocco. "We're hoping to (close the acquisition) toward the end of the year," he said, adding that Baja Ferries would try to lower SNCM's labor costs.

Napoleon now a Rhapsody

The "Napoleaon Bonaparte" has been renamed "Rhapsody" by its new owners GNV (Grandi Navi Veloci) and SNAV. French report with photo: http://www.laprovence.com/article/edition-marseille/2862332/le-napoleon-bonaparte-renait-en-rhapsody.html