Local council ready to give 10 million for co-op SeaFrance bid – IFW

The Nord Pas de Calais regional authority is ready to contribute around €10 million (US$13.5m)  to the takeover bid for SeaFrance by a co-operative of the ferry operator’s...

The Nord Pas de Calais regional authority is ready to contribute around €10 million (US$13.5m)  to the takeover bid for SeaFrance by a co-operative of the ferry operator’s workers, if the state and SNCF also pledge a financial commitment. The co-operative is thought to require between €25-30 mi

The Nord Pas de Calais regional authority is ready to contribute around €10 million (US$13.5m)  to the takeover bid for SeaFrance by a co-operative of the ferry operator’s workers, if the state and SNCF also pledge a financial commitment.

The co-operative is thought to require between €25-30 million in start-up capital.

“The council is ready to support a bid [for SeaFrance] which would retain its 880-strong workforce and its four vessels,” a council member explained.

Participation could take the form of a loan, at interest rates of between 7% and 8.5%, in order to respect EU regulations, or the acquisition of a vessel which would be leased back to the operator.

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