Rodriguez emerges from bankruptcy protection
By IBI Magazine
Shares in French yacht-builder The Rodriguez Group resumed trading on the Euronext stock exchange yesterday after the company's debt restructuring plans were approved by a French court.
Rodriguez, whose shares were suspended at €2.9 back in April 2009, had been operating under a French 'safeguard procedure' over the last 12 months while it negotiated with the banks for the repayment of its syndicated revolving credit.
Yesterday, Rodriguez said it had reached an agreement with the banks to write-off €54.3m of debt, resulting in an exceptional profit of the same amount for the 2009/10 fiscal year. The repayment of the outstanding debt of €139.3m will be made over the next 10 years, says Rodriguez, and the banks will cancel any interest.
Earlier today, the company's shares opened at €6.6, giving Rodriguez a market value of around €82.8m (US$110m).
(8 April 2010)
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