The commercial court of Bordeaux has granted ownership of superyacht builder Couach to French industrialist Fabrice Vial for the sum of €1.5m, following the yard becoming unable to pay its creditors in March this year.
Vial’s plans for Couach include preserving the jobs of all 310 employees, of which 290 have been on unpaid leave for two and a half months according to a story in French newspaper Le Figaro.
A capital injection of €6m into the company now known as Chantier Naval Couach is one of the conditions of Vial’s acquisition. This money would allow the company to continue for a year without new orders.
Vial, the industrialist at the head of a chain of French DIY shops of the same name, is reported to be a client of Couach, having already spent €7m towards the acquisition of a 33m (108ft) yacht.
Other parties in the running to save Couach included former Couach majority shareholder Didier Cazeaux and French luxury yacht builder Arcoa.
Couach builds yachts from 20m-50m (65ft-164ft) at Gujan-Mestras in southwest France. As a result of the financial crisis the yard attempted to restructure its debt at the beginning of this year before seeking protection from the courts at the end of March.