A year on from when the company filed for protection, French boatbuilder Poncin has reached an agreement with its banks and is no longer under protection from creditors.
Half of Poncin's EUR20m debt has been cancelled on the condition that the other half is paid back within seven years, according to a story by Reuters.
The first two yearly instalments are to be reduced, taking into account present difficulties on the leisure marine market.
Shares in Poncin surged in value following the ruling from the Tribunal de Commerce de La Rochelle in western France at the beginning of this week.
The announcement follows the extension of Poncin's restructuring period in November last year.
Prior to filing for protection, Poncin spent EUR17m on a facility near La Rochelle designed to build Harmony sailing cruisers at a rate of 1,000 per year.
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