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The judicial reorganization proceedings initiated by the Hermione, La Fayette Association have entered a new phase. By extending the observation period until a hearing scheduled for September 23, 2026, the La Rochelle Judicial Court has granted a reprieve to the frigate restoration project. This decision comes as several funding options and a new operating model are being developed.
The Court is ruling out the possibility of liquidation for the time being
In its ruling, the Court finds that a restructuring plan cannot be ruled out in light of the evidence presented by the association. The judges highlight the progress made in preparing a solution to resolve the crisis.
The court also notes that none of the takeover bids submitted to date provide sufficient financial guarantees to ensure the ship?s future. It further considers that judicial liquidation would have immediate consequences for the frigate?s condition and would jeopardize any future revival of the vessel.
This analysis supports the strategy adopted by the association, which aims to keep the ship under its care while securing the necessary funding to continue the restoration work.
A recovery plan based on restoring the hull
The business model presented covers the period from 2026 to 2036. Developed in collaboration with the Boston Consulting Group as part of a pro bono engagement, it sets out several milestones designed to ensure the project?s long-term viability.
According to the schedule, the hull work in Anglet is expected to be completed by 2029. Once this phase is complete, the Hermione will return to its home port of Rochefort in mid-2029.
The proposed operation is based on a balance between public access and sailing. Under this scenario, the ship would be open to the public as a museum ship for approximately 80% of its operational time, with the remaining 20% devoted to sea voyages. This model is based on the frigate?s previous periods of operation while taking into account technical, heritage, and economic constraints.
A trust to secure future financing
One of the main challenges in the recovery process remains gaining the trust of donors and investors. To address this concern, the association has announced the creation of a philanthropic trust in partnership with HETYS Fiducie.
This mechanism is designed to ensure that the funds contributed will be used exclusively for the restoration and preservation of the Hermione. The funds remain separate from the legal proceedings and would be returned to the contributors should the recovery plan fail. The tax benefits associated with philanthropy are also maintained.
For the project sponsors, this legal structure serves as a tool to secure the future financial contributions that are essential to continuing the project.
A construction site open to the public during the summer
In parallel with the legal proceedings, the association is continuing its efforts to strengthen its cash position. The Grand Carénage shipyard, located in Anglet, will be open to the public throughout July and August 2026.
Visitors can explore the ongoing work through self-guided tours or daily guided tours. Maritime events, concerts, and various other activities are also scheduled.
In Rochefort, volunteers continue to welcome visitors to the exhibition space dedicated to the frigate. The Hermione will also be on display at the Douarnenez Maritime Festival and the Paimpol Sea Shanty Festival, two major events celebrating maritime heritage.
Artists and donors remain committed
Fundraising remains one of the association?s priorities. An exhibition and sale featuring works by 19 artists will take place aboard L?Hermione, in the port of Bayonne, from August 28 to September 3, 2026. Proceeds from the sale are estimated at nearly 230,000 %C2euros, assuming all the works are sold.
Since the initiation of the court-supervised restructuring proceedings in September 2025, nearly 292,500 %C2euros in donations have already been raised. More than 6,000 donors have supported the project since the fundraising campaign began in 2023, while 4,750 people have signed the petition to save the frigate.
5 million euros still need to be raised
Built between 1997 and 2014 in Rochefort, the Hermione is a replica of the frigate that carried the Marquis de La Fayette to the United States in 1780. Since 2021, the ship has been docked in Anglet for major restoration work on its hull, following the discovery of structural damage.
The total cost of the work is estimated at 10 M%C2euros. Half of this amount has already been funded, which has allowed work to begin on part of the project. Approximately 5 M%C2euros still needs to be raised to complete the restoration.
The next hearing before the La Rochelle Judicial Court, scheduled for September 23, 2026, will be a decisive step. It will serve to assess the soundness of the recovery plan and the association?s ability to ensure the long-term future of one of the most iconic ships in France?s maritime heritage.
