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Wednesday, 16 November 2011

SeaFrance in Liquidation

SeaFrance has been unable to stay afloat.  A court in Paris rejected two bids to save the firm that employs more than a thousand people.  As such the business has been put into liquidation as of today.

The court said the company's Calais to Dover services would continue until January 28 next year and that new bids to take it over would be accepted until December 12, but that the existing offers were unacceptable.

One offer, the court said, would result in too many job losses which it felt would trigger further industrial action that would damage the struggling firm.  The other was put forward by the union but the court felt that there was no capital to finance such a project. It also said that the offer for the ferries was too low.

The 2008 financial crisis also hit the firm hard, and last year it shed 700 jobs and was put into receivership. It currently employs 880 permanent staff, and 200 on short-term seasonal contracts.

Of course the case of SeaFrance will be under European Law so we cannot comment on the details.


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