France’s Tribunal de Commerce de Cannes has begun proceedings against Rodriguez Group and its subsidiary company SNP Boat Service, placing the company into administration.

The administration proceedings are the result of SNP Boat Service’s non-payment of its 2013 recovery plan that had been put in place following discussions with its major creditors to tackle its debts amounting to 115 million euros, within which 64 million euros equated to bond debt, Rodriguez Group announced in a statement.

SNP Boat Service, one of the maritime companies under the Rodriguez Group umbrella, is now in a six-month observation period, during which the Group has announced it plans to sign a new agreement with its creditors.

The executive board of Rodriguez Group released a statement, translating to: “Our operational restructuring was completed in 2013 and we have a good business plan that we built step by step and which corresponds to market expectations. The next six months will bring back all of our partners around the table to discuss a new basis the last part of our recovery plan, namely the treatment of bank debt.”

The Group has announced that its operation will continue as usual, confirming it has taken all necessary steps to continue with uninterrupted orders and deliveries. approached Rodriguez Group for clarification, however the Group refused to provide further comment.

SNP Boat Service is a subsidiary company of Rodriguez Group. Image courtesy of Rodriguez Group.

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