The whole process lasts 21 days on averageIn the meantime it is completely blockedGives cities change is much more unlikelyWe have therefore chosen to redeem sharesThe two groups once again refrained from any commentPublic intervention may take several formsThe manufacturer table now on a range of 5Boeing BoeingDo not always rely on appearancesAnd those who are already since June the 25 in Banca Nazionale del Lavoro in Italy EUR 2Will the company Charter and of Transport (CAT), the ex-filiale of Renault, which manages even all European logistics vehicles of the manufacturer (except Logan), be wound up After a few days, April 7 backup procedure under which it is placed since nearly a year, its control holding Global Automotive Logistics (GAL), still has no restructuring plan.
The situation is delicate. Sold by Renault in 2001 to 467 million euros to a group of composed of the British Autologic, TNT Dutch and Swedish Wallenius Wilhelmsen Logistics (WWL), the CAT was, at the time, a contract for seven years with the car manufacturer, providing a large volume of activity. Even today, this contract provides 50 of its activity and nearly three quarters of its turnover of EUR 1.08 billion (in 2006). Under this contract, the CAT had accepted an annual reduction of the rates of 3. But it also had to suffer which was not planned the decrease of activity of Renault and the increase in the cost of fuel. Result: operational profit increased from EUR 80 million in 2002 to 10 million in 2005 when its turnover places slightly from 1.2 to 1.18 billion. Difficult to lag in these conditions, to continue to deal with a debt still amounted to EUR 200 million...
New industrial project
This tense financial situation has come to add a major activity risk, since the contract with Renault ends in March 2008, without insurance to be renewed. "Renault is seeking a contract so favourable price conditions that CAT is no longer able to follow," explained a close to the record.
The resolution of the case is therefore all the more difficult should combine financial restructuring and the development of a new industrial project, in a context where the competing interests collide. According to our information, bondholders of lag, which represent half of the debt, have proposed to convert their bonds into equity. This solution, giving them approximately 80 of the capital, would restore financial balance of the group to enable it to develop. A condition that Renault agreed to renew his contract at market conditions. Only two out of three shareholders would be willing to accept this proposal, namely the British Autologic, who has already provisioned in its accounts its loss in GAL, and TNT, which is out of the logistics. WWL, now holds 40 of the capital, is on the other hand go only. Negotiating with Renault for months, the mother House of WWL, the Swedish shipowner Wallenius Wilhelmsen, obtained the constructor an agreement in principle in February last to future VSI contract: this empty shell was created by the Swedish and the Antelo, including President Manuel Antelo group is a former member of the Board of Directors of Renault Argentina. The idea is to extend the perimeter of the logistical benefits offered so far by the CAT to maritime benefits, which Wallenius is a specialist. What would in lower cost, the benefit from Renault. This Assembly is the recovery of assets of the CAT and its 2,500 employees, including 1,300 CDI.
Extension of the procedure
If editing was to be developed before 7 April and appealed to the Court, it could extend the one month backup procedure. Renault and Wallenius could be tempted to wait until the liquidation of lag to implement the plan. The recovery of the assets of the CAT would then at least cost, to the chagrin of the bondholders, who could hardly expect their implementation, but the advantage of Wallenius, losing in GAL, but winning in VSI.
