Troubled ITM seeks additional investment
by Tom Isitt
International Technic Marine (ITM), the financially troubled refit yard in Marseilles in the south of France, has set a deadline of December 20 to present new investment to the French commercial regulators overseeing the company’s affairs, issuing a request for bids to be submitted to ITM’s administrative receiver, SCP Bouet Gillibert, by that date.
According to an ITM statement, "after more than 10 years of success at the top of the large yacht refit market, ITM has recently crossed a period of uncertainty, following restructuring within the company's management. This unfortunately coincided with the effects of the economic crisis on the otherwise profitable yachting industry...ITM now finds itself in serious financial difficulties, which have lead to a judicial review in order to avoid bankruptcy. ITM is therefore seeking investors or buyers for the shipyard, and can confirm that an international call for bids has been initiated this week."
The ITM yard has exclusive use of four large dry-docks, 300m of piers and a substantial water-shed completed in 2008 and now considered to be a bench-mark facility in the refit market. ITM hopes that these facilities, and the yard's proximity to the Côte d'Azur, will attract the interest of yachting's leading international figures who, either by personal experience or by reputation, will see the potential of the business and site.
Interested parties should contact the company's administrative receiver, SCP Bouet Gillibert (email@example.com), before December 20.