Legal Proceedings Report • Jul 17, 2015
Legal Proceedings Report
Open in ViewerOpens in native device viewer
Asnières, July 17th 2015
TP Ferro requested today the commercial tribunal of Girona to be voluntarily put under its protection (concurso de acreedores).
This decision of TP Ferro is in line with the absence of an agreement, within a 4 months period starting from the pre notification of the commercial tribunal of Girona dated March 18th 2015 (preconcurso), on the restructuring of its debt with its creditors and the governments of the republic of France and of the kingdom of Spain.
TP Ferro shareholders, Eiffage and ACS groups, are mindful of the continuity of the public service as well as giving time for a restructuring of TP Ferro debt with the concession grantors and lenders and have therefore given TP Ferro the means to continue the operations of the international section with the same condition of high level of safety, fluidity and punctuality as before.
TP Ferro wishes to emphasise that the administration under which it will be (concurso) does not necessarily mean the end of the concession activities.
The objective of TP Ferro and of its shareholders remains to quickly find, within the framework of the commercial tribunal of Girona, and with all the stakeholders a lasting solution to the present unsustainable and precarious state of its business model.
For memory: TP Ferro is a Spanish law company of which Eiffage and ACS owns 50% each. It is the concession holder of the Perpignan – Figueras high speed rail line that was put into service in January 2009 within the contractual timetable, yet it was only connected to the Spanish high speed rail network at the end of December 2013 with nearly 5 years of delay. This delay, coupled with the poor and below their original undertakings service offering of passenger trains by the historical rail service providers, the lack of competition because of the absence of liberalisation of the railway sector and lastly the particularly acute financial crisis in Spain are affecting the financial balance of the concession as was originally contemplated.
Xavier Ombrédanne Tel. : +33 1 41 32 81 44 [email protected] Press Contact Sophie Mairé Tel. : +33 1 41 32 78 84 [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.