SNCM

Transdev is surprised that new takeover proposals had been made just a few days before the consultation of the Commercial Court regarding the asset disposal plan when they could have been made under the call for proposals organized by the receivers since last December. Transdev can only hope that these last minute proposals were serious and sincere and were not a delaying tactic intended to prevent the implementation of a lasting solution.

Following the work carried out jointly for several months now by the Management of SNCM, the shareholders and receivers, all the conditions have been united to enable the Commercial Court to draw up a disposal plan: confirmed takeover proposals, viable industrial plans, a negotiated and financed employment safeguarding plan, the agreement of the local authority of Corsica and the green light of the European Commission. In light of the position expressed by the latter on June 9th, it appears that at least some of these conditions may no longer hold in the fall which would prevent any takeover and would entail the winding up of the company.

Under the extension of the observation period, it is up to the receivers to decide on the consequences to be drawn from the decision of the Commercial Court and to obtain new, firm and binding proposals.

Transdev will continue to do its utmost to find a solution that preserves business and jobs as much as possible. Nevertheless, Transdev recalls that whatever the ultimate solution may be, and in accordance with what it has already indicated on many occasions, it will make no additional contribution to the financing of SNCM and will not go beyond the commitments made to date regarding the surrender of its receivables and the financing of the social restructuring.