Soci t Nationale Maritime Corse M diterran e (SNCM): Sink or Sail?
The case describes how a loss-making ferry company was brought back to financial health, modernised and recapitalised in less than two years, amidst a context of political pressure, stakeholder hostility and a 600 million fine from the European Union. The Soci t Nationale Maritime Corse M diterran e (SNCM) was sinking under the weight of French blockades and belligerent unions. Ferries were hijacked and a million people took to the streets to protest against potential job losses, disrupting passenger services to/from Corsica at the peak of the summer season. In May 2014, Guillaume de Feydeau was appointed CEO to devise a turnaround plan to save the former state-owned company from bankruptcy. The new management team not only had to master the political and social intricacies of the situation, but time was of the essence: the majority shareholder wanted out and cash was running dangerously low.