A French court allowed the shipping line 90 days breathing space in the face of the threat of liquidation.The company has to report back to the Tribunal de Commerce at the end of December with evidence it is moving towards profitability.French official Sophie Gautier has been appointed as judicial administrator to oversee the company’s activities until 22 December this year, when she will have to decide if the company can continue in business.
Meanwhile, about 100 Emeraude staff in St Malo threatened to stop Solidor 5 sailing to Jersey last night.
However, they got assurances their jobs are safe, for now, 30 minutes before the scheduled departure and the vessel left on time.Speaking after yesterday’s court hearing, Emeraude managing director Pierre Legras revealed the company lost three million euros in the 2003 financial year alone.
It needs an immediate cash injection of four million euros to put it back on a more even keel.
