French yacht maker Couach has applied for court protection from its creditors.

French yacht maker Couach has applied for court protection from its creditors. The group has failed to secure a deal with banks over the restructuring of debts amounting to some Euro 23 million, and has placed itself under the protection of the Court of Commerce of Bordeaux.

More than 300 employees have been laid off temporarily, and it has been announced that Couach chairman Andre-Jean Goimard is to leave the company. “The current financial and banking crisis annihilated all our efforts,” said the group.

Couach, 75 per cent of which is owned by the Cazeaux family, has been building yachts for more than 100 years.