A French court rejected a bid by Denmark’s DFDS to take over Sea France and gave the ailing state-owned ferry operator until Jan. 28 to find a new buyer, the Journal of Commerce reports.
DFDS and France’s Louis Dreyfus group made a joint bid for certain Sea France assets worth a reported $7 million and offered to retain three of its four ships and 460 of its 800 strong onboard workforce.
Sea France workers made a rival bid worth a nominal one euro [$1.35] that was also rejected by the Paris Commercial Court. The court has set a Dec. 12 deadline for new or improved bids for Sea France, a subsidiary of SNCF, France’s state railway.
The company, which mainly operates freight and passenger services between France and the UK, went into administration last year after losses of around $325 million. Sea France will cease trading on Jan. 29 if a buyout offer is not accepted.
The court was tasked with deciding the company’s future after European Union regulators ruled that a $270 million bail out by the French government breached EU competition regulations. Sea France had suspended sailings for 48 hours “to safeguard passengers, crews, vehicles and ships” pending the court’s decision. Sailings are expected to resume later today.
DFDS and France’s Louis Dreyfus group made a joint bid for certain Sea France assets worth a reported $7 million and offered to retain three of its four ships and 460 of its 800 strong onboard workforce.
Sea France workers made a rival bid worth a nominal one euro [$1.35] that was also rejected by the Paris Commercial Court. The court has set a Dec. 12 deadline for new or improved bids for Sea France, a subsidiary of SNCF, France’s state railway.
The company, which mainly operates freight and passenger services between France and the UK, went into administration last year after losses of around $325 million. Sea France will cease trading on Jan. 29 if a buyout offer is not accepted.
The court was tasked with deciding the company’s future after European Union regulators ruled that a $270 million bail out by the French government breached EU competition regulations. Sea France had suspended sailings for 48 hours “to safeguard passengers, crews, vehicles and ships” pending the court’s decision. Sailings are expected to resume later today.