7 Aug 2012
Couach takes action to move forward
The new CEO of French shipyard Couach Yachts, Christophe Kloeckner has filed “safeguard” proceedings—a French corporate restructuring procedure only available to companies that are solvent—with the Tribunal de Commerce de Bordeaux. The goal is to “allow the continued operation, maintenance of employment and discharge of liabilities, by undertaking a reorganization of the company under a plan adopted by the court,” said Kloeckner.
The safeguard proceeding has come as a result of both a bank action to collect €3 million the yard owes, and the withdrawal of the client for the 2nd 5000 Fly and subsequent action against the yard to collect the investments already made. The client’s withdrawal was due to delays in delivery of the yacht that accumulated last year after the tragic death of the previous yard owner, Fabrice Vial.
"We are under legal shelter of the court to stop this action,” Kloeckner said. “We offered to sell the yacht to repay the client’s installments but the negotiations left us little room for maneuver. The safeguard process should allow us a three to six month plan vis-à-vis creditors with payments.”
“This will allow us to get on with selling the next 5000 Fly and more of our new concepts. It’s a good step,” said Benoit Faure, sales and marketing director for the yard, who has been with the company through years of tumultuous change.
Couach, which was acquired by the Bordeaux-based private equity and venture-capital firm Nepteam last year, are experts in building hulls in Glass Kevlar, and have a long history of supplying patrol vessels to militaries worldwide. Their largest superyacht to date, the 50m La Pellegrina, was in Monaco last week for an open day, while the second in the series remains in build.
“We learned a lot on the first 5000 Fly,” Faure said in Monaco, aboard La Pellegrina. “The second in the series benefits from the same excellent hull design which is incredibly stable and efficient, and is enhanced by everything we’ve learned delivering La Pellegrina. She’ll be lighter and even quieter. I feel confident that we’ll finalize the sale of hull number two during the Cannes or Monaco yacht shows.
The new CEO, Christophe Kloeckner, was a former senior manager working for the current Chairman of Nepteam, businessman Florent Battistella. Battistella, who sold his successful energy conversion company to GE several years ago, has invested millions into the Couach shipyard, and plans to focus on building a cohesive management team and a successful product line focusing on the yards core competencies: Glass Kevlar construction and seakeeping, while developing new designs with established names in the industry.
Add a comment
Other Business News
SuperyachtNews.com has spoken to Begüm Doğulu, arrested in January on charges of fuel smuggling, who says the charges against her have been dropped. Begüm Yachting continues to operate, therefore, as normal. More
The Australian government is to increase its Carbon Tax rate on marine vessels, from 1 July 2013. It was confirmed to SuperyachtNews.com that superyachts seeking permanent or temporary importation would be subject to the duty. More
After assuming operational control of its most recently acquired shipyard, Peene Werft, on 1 May Lürssen has confirmed to SuperyachtNews.com that it has no intention of moving any superyacht work to the yard. More
A US firm has announced plans to build a 'space hotel' and the world's first covered marina on a man-made island off Barcelona. It features immersive technology offering guests the experience of being in outer space. The mayor of Barcelona has objected on More
- Superyachts in private aviation's Chinese slipstream
- 'Triton' sold at auction for US$11 million
- Jamaica superyacht flag gives competition a run for its money
- Yacht Path faces supervision and investigation under trustee
- Victor Muller: Preserving yachts by building value
- “Company goes free” critique on Costa could be levelled at superyacht sector
Superyacht Intelligence Data
Most Recent Comments
- No steel and captain-less yachts – a viable vision for the future? More
- “Company goes free” critique on Costa could be levelled at superyacht sector More
- Jamaica superyacht flag gives competition a run for its money More
- Michael Payne appointed CEO of Camper & Nicholsons International More
- FMC issues warning on yacht transport More
ASEA POWER SYSTEMS
ASEA POWER SYSTEMS is the Marine Industry Leader for Shore Power Conversion equipment ranging in power from 8kVA - 1000kVa.
Reckmann Yacht Equipment GmbH
Reckmann Yacht Equipment GmbH is a specialist company for reefing systems, masts and hydraulics and will celebrate the 120th anniversary in 2012. Today, the company is one of the leading producers and traders of headsail reefing equipment and is a synonym for quality, continuity and innovation.
Helkama Bica Oy
Helkama is specializing in development and production of marine and offshore cables. Our experience in this field goes back more than thirty years. We produce only halogen free cables and the cable range include both flame-retardant and fire resistant cables. Helkama marine cables are approved by all major classification societies.
For 40 years Pantaenius has been providing yacht insurance to yacht owners all over the world.
Nautic Crew International, Inc.
Nautic Crew Intl is a Crew placement company started by yachting professionals that truly care about your future crew because we understand the dynamics of life onboard. When it comes to hiring new crew or looking for a position, Experience the Difference!!
Bond TM is an independent consultancy company for AV, IT, communication, navigation and security systems. We manage new builds and refits projects for the most advanced super yachts and provide to the industry the best 24/7 IT support.