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SNCM employees back privatisation
More than three-quarters of SNCM's 2,400 employees have voted to approve the relaunch of the ailing operator in a move that paves the way for privatisation.
The recovery plan put forward by the future owners of SNCM - private transport group Veolia Transports and investment fund Butler Capital Partners - received backing from 77% of the staff.
Veolia had said it would pull out of the privatisation if employees were not broadly in agreement.
The recovery plan includes winning back lost market share on the south France-Corsica routes, the development of new services to North Africa and opening of new ferry lines.
Fleet renewal is also on the agenda, as is a ?20M ($25M) cost-cutting programme and a reduction in staff numbers of 400 without compulsory redundancies.
The French government will inject ?177.5M in two stages to recapitalise the company.
Privatisation is expected to be completed by the end of the month, provided European Union authorities give their final approval.
The next big challenge for SNCM is to secure the public service tender for routes to and from Corsica; analysts say the company is unlikely to survive without at least part of this concession.
The recovery plan put forward by the future owners of SNCM - private transport group Veolia Transports and investment fund Butler Capital Partners - received backing from 77% of the staff.
Veolia had said it would pull out of the privatisation if employees were not broadly in agreement.
The recovery plan includes winning back lost market share on the south France-Corsica routes, the development of new services to North Africa and opening of new ferry lines.
Fleet renewal is also on the agenda, as is a ?20M ($25M) cost-cutting programme and a reduction in staff numbers of 400 without compulsory redundancies.
The French government will inject ?177.5M in two stages to recapitalise the company.
Privatisation is expected to be completed by the end of the month, provided European Union authorities give their final approval.
The next big challenge for SNCM is to secure the public service tender for routes to and from Corsica; analysts say the company is unlikely to survive without at least part of this concession.
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