PARIS Fri Oct 31, 2014 8:20am EDT
PARIS Oct 31 (Reuters) - French public passenger transport group Transdev, owned by Veolia and state bank CDC, is to call in loans to its France-Corsica ferry operator unit SNCM next week, it said on Friday, pushing the unit into filing for court protection from insolvency.
Transdev's owners have said court protection from creditors is the only way to shield the loss-making ferry operator from two separate European Union state aid repayment claims totalling 440 million euros.
Following an SNCM supervisory board meeting in Paris, Transdev said it would call in the loans on Monday and said that the legal proceedings would protect SNCM from the claims for repayment of state aid while a buyer is sought.
Once the firm goes under court protection, a new shareholder could buy some of SNCM's eight ferries and continue operations under a new legal structure, with some 800 to 1200 of SNCM's more than 2,000 staff, according to a management plan outlined to unions earlier this month.
The core Marseille-Corsica ferry route, which is subsidised by the state, and two lines to North Africa could continue. But other crossings from Nice and Toulon to Corsica and Sardinia would probably be abandoned, according to the plan.
Loss-making SNCM was kept going by a 103 million-euro loan from Transdev and a 14 million-euro loan from Veolia, as well as cash advances from the state, which has a direct stake of 25 percent in the former monopoly ferry operator.
Transdev owns 66 percent of SNCM. (Reporting By Geert de Clercq; Editing by Greg Mahlich)
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