Rodriguez Group declared bankrupt, could find buyer for Camper and Nicholsons activities
Rodriguez Group, a French-listed luxury yacht manufacturer, and its SNP Boat Service subsidiary, have been declared bankrupt by the commercial court of Cannes, the French daily Les Echos wrote citing no source. The report said Rodriguez was placed into receivership in January last but could not convince investors.
For 2013 Rodriguez reported turnover of EUR 56.7m, down 27% compared to 2012, with losses of EUR 18.5m. Total debts are EUR 96.5m, the report added. Rodriguez Group builds new yachts and sells second-hand boats plus operates a services activity.
Reason for the problems are a lot of second–hand boats that are hard to sell, and that results in a negative balance sheet.
For the first semester 2014, revenues were down by 25.9% to EUR 15.7m as no new yachts have been sold.
The Florida -based Camper & Nicholson subsidiary, specialized in the chartering and brokerage of yachts on the US market, could well find a buyer, the report said giving no more details.
Source Les Echos