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Fram: the end of a long journey?

the tour-operator is heading towards a suspension of payments


This time, it’ll go very fast. The tour-operator’s Works Council was convened today, Tuesday. And, of course, first on the agenda is the filing for payment suspension…before appearing in front of the commercial court, on Thursday.



Fram: on Thursday the commercial court should take the decision to either go through the “buyer’s” phase directly, or through the phase of nominating an administrative receiver, thus allowing the company going through “redress” to take a bit of respite. Photo Jdl
Fram: on Thursday the commercial court should take the decision to either go through the “buyer’s” phase directly, or through the phase of nominating an administrative receiver, thus allowing the company going through “redress” to take a bit of respite. Photo Jdl
Unfortunately, there will be no miracles, Fram is heading towards a suspension of payments.

Of course, in order to respect the law, it is the Works Council of the company that must be informed.

According to our information, it is on Thursday that the Commercial Court should take a decision to either go through the “buyer’s” phase directly, or pass through the phase of nominating an administrative receiver, which would allow the company in “redress” to enjoy a bit of respite.

Thus facilitating the arrival of the long-awaited buyer, the group Karavel Promovacances.

Concretely, not much should change for clients from this day.

As for the APST, it is still “waiting” but declares being ready for action. “In fact, confides Raoul Nabet, right after receiving the DCP (Declaration of Payment Suspension - French acronym), we can (or not) act. It is quite clear that we will not let Fram’s clients down.”

Indeed, as highlighted by our colleague Le Monde, two solutions for the tour-operator are in the hands of the Court’s judgement.

Either the application of a “prepack cession,” an express court-ordered reorganization that would enable a buyer like Karavel to acquire the TO right after its bankruptcy petition, or going through a “traditional” court-ordered reorganization which would be accompanied by an observation period.

In both cases, these procedures would avoid a “rupture” in the handling of passengers. Under the condition that the buyer, in the first scenario, truly guarantees his propositions.

An ambush by another buyer?

Karavel Promovacances declares its intention of investing around 50 million euros in the company and keeping close to 75% of the workforce.

If this is the case then why not, under the condition that it won’t get rid of this personnel in the coming months…

In the event of a “traditional” court-ordered reorganization, if our information is accurate, the tour-operator could “hold on” for a while longer.

The sales of real property in Tunisia and Morocco have not been fully paid for: there should be around €5 million left to come from Morocco and around €2 million from Tunisia.

However, in both cases, the liabilities should be frozen…

But then, maybe a third thief is also waiting around corner.

Can we ever be so sure?

Written by Dominique Gobert translated by Joséphine Foucher the 27/10/2015
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Tags : Fram

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