France. Poncin Yachts shares soar after bankruptcy is staved off
Posté le 02/06/2009 à 22h28
France. Poncin Yachts shares soar after bankruptcy is staved off
Tuesday, 02 June 2009
Shares in Poncin Yachts, which had plummeted to €0.6 before being suspended last year, reached a
high of €1.78 when trading recommenced today, before closing €1.6 Euro.
Poncin Yachts and its subsidiary, Harmony Yachts, have been rescued from bankruptcy by a plan
entered as a judgement in the Tribunal de Commerce de La Rochelle on May 29.
Following a major restructuring and acting on the courts recommendations, Poncin’s bankers have
agreed to write off half the debt and accept payment of the remainder over 7 years. To ease the
burden in the present difficult economic climate, debt payments will be at a reduced rate for the
first two years.
As a result of the restructuring, Poncin will now only build yachts to order and will focus on four
marques: Catana (catamarans); Locwind (monohulls); White Shark and Sea Hawk (motor boats & RIBS).
Following cessation of the Harmony range, the highly automated Marans factory will be used for the
production of the Catana 41 and the new Locwind 16 metre luxury sailing yacht. This sophisticated
factory will also undertake subcontract work for sectors outside the recreational marine industry.
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