French superyacht builder Couach has been put under the protection of the Tribunal de Commerce in Bordeaux after two months of searching unsuccessfully for a solution to its financial problems.



In a statement Groupe Couach blamed the financial and banking crisis for its failure to negotiate a restructuring of its debt despite the involvement of a number of interested parties.



In order to be able to complete the work on its order book no more of the company’s resources will be spent, leaving Couach unable to pay its debts.



Couach builds yachts from 20m-50m (65ft-262ft). In 2007/2008 Couach’s turnover reached €63m.