France’s Tribunal de Commerce de Cannes placed Rodriguez Group and its prime subsidiary, SNP Boat Service in compulsory liquidation in late July. Although the group was in receivership since January, it did not attract any suitable investors. Two of its other subsidiaries, Camper and Nicolsons International and Gerard Rodriguez Shipyard, have been approved for sale to international investors by the French court.
Legal documents indicate that Rodriguez Group’s debt amounted to €96.5 million. The group’s difficulties also affected prices of its shares, most recently listed on the Paris Exchange at only €0.90 each. Media reports suggest that Rodriguez’ difficulties stemmed from a fleet of pre-owned boats which the group purchased from clients in attempts to get them to purchase bigger ones. Tribunal de Commerce de Cannes has reportedly ordered the sales of shares in Gerard Rodriguez Shipyard to Claus Johansen, manager of Chantier Naval de L’Esterel of Cannes and Dutch-based holding company Industrial and Marine Diesel, for €2 million. Monaco Marine, Azimut Benetti and Compositeworks also reportedly made offers for the shipyard.
The court also authorized €1 million purchase of 999 shares of Camper and Nicholsons by Colosseum Services, a Swiss Company. Michael Payne, Camper and Nicholsons CEO, had also made an offer. Because the sale has not been finalized, the company would not confirm the name of the purchaser.
Although Rodriguez Group had formerly held a contractional relationship with Overmarine Shipyard beginning with the launch of the Mangusta series of open yachts, Overmarine has indicated that the relationship ended in 2010 and will not impact sales and production.