French combined transport operator Novatrans has received confirmation of its major financial difficulties during the approval of its 2011 accounts by the Board: turnover of 86.8 million Euros resulted in losses of 18.6 million Euros. To get its head back above water, the company will rapidly have to take a series of restructuring measures, including recapitalisation to the tune of 42 million Euros. The SNCF, which is the majority shareholder with 96.39% of the shares, does not seem to believe in this recapitalisation however, which could be considered as state aid. Offers received within the context of a call for shows of interest have also been qualified as ‘non-receivable’ in their current form. The transfer process will however remain open until the Board meeting of June 8th.