The saving boost? Economy Minister Bruno Le Maire announced on Friday an additional State aid of 60 million euros in the form of a very long-term loan for the cross-Channel company Brittany Ferries, in great difficulty because of the health crisis.
“We have obtained an agreement from the European Commission to provide € 60 million in additional financial assistance to Brittany Ferries in the form of a very long-term loan,” Bruno Le Maire told Public Senate. The European Commission on Thursday authorized this aid notified by France and intended “to compensate Brittany Ferries for the damage suffered due to the coronavirus pandemic”.
Satisfaction of the cross-Channel company
The shipping company had to close many lines between France and England and resorted to emergency measures put in place by the government to reduce costs, including short-time working and a state guaranteed loan (PGE ) in the amount of 117 million euros.
The period chosen for the compensation goes “from March 17 to June 30, 2020 due to restrictive travel measures adopted by France, but also by other States, to deal with the pandemic”, specifies the European institution. The cross-Channel company welcomed this authorization through the voice of its director general Christophe Mathieu, who said in a statement sent to AFP that it “recognizes the enormous pressure and the financial losses suffered”.
French shipowner CMA CGM is helping
Brittany Ferries sank into the red, with a turnover divided by 2.3 last year and a year 2021 “as bad or even worse than 2020”, recently declared Jean-Marc Roué, president of Brittany Ferries . In question, the pandemic, but also the Brexit.
The French shipowner CMA CGM will also bring 25 million euros of fresh money to Brittany Ferries, by subscribing for 10 million euros of convertible bonds of Brittany Ferries and by loaning 15 million to the Breton company, repayable after five to eight years, according to Jean-Marc Roué. An additional 15 million in exemption from employee contributions for the 2,800 sailors of Brittany Ferries in the 2021 financial year have also been granted by the State.