RODRIGUEZ GROUP has opted for Safeguard.
With several million Euros of cash available, RODRIGUEZ GROUP will continue its operations under normal conditions during the upcoming six-month renewable observation period.
RODRIGUEZ GROUP has taken the actions to insure the smooth completion of ongoing boat constructions, the timely delivery thereof and the development of new orders.
The upcoming period will allow RODRIGUEZ GROUP to negotiate with the banks, under the best conditions, the repayment of the syndicated revolving credit according to a reliable plan in line with the market forecasts.
RODRIGUEZ GROUP is confident that its decision will place the Group in a better position to face the challenges of the future by strengthening its leadership in the exclusive yachts industry.
The trading of the RODRIGUEZ GROUP shares are suspended since April 8, 2009.
NB: Safeguard is a French legal regime that enables a company to continue its operations under normal conditions and to withhold the payment of its outstanding liabilities to be repaid in accordance with a repayment schedule. Companies who prove not to be insolvent are eligible to Safeguard. Management remains in the hands of the current management of the company.
– PR –