French administrator Sophie Gautier last night dismissed the possibility that the company could continue under its current owners and named Paris-based firm Compagnie Nationale de Navigation as her preferred bidder for the debt-laden ferry operator.However, a rival bid led by a Jersey-based investor could still succeed if it manages to improve its offer by the middle of next week.CNN is a transport company that carries oil, vehicles and other cargo by sea and land, operates helicopters between the French mainland and islands off the west coast, conducts maritime research and exploration and manages ports.One advantage of the CNN offer to the receiver – who was appointed to protect the interests of French creditors and employees after the ferry company applied for bankruptcy protection in a St Malo court last month – is that, as it is a French company, all French creditors will be paid first.
