Italy: bureau Platter with Moby and Cin Tirrenia for approval of the settlement with creditors plans

 

Moby and Compagnia Italiana di Navigazione (Cin Tirrenia) have obtained the approval of their plans for settlement with creditors after a long process of careful evaluation by the Court of Milan, which decided for the rejection of the opposition filed by Grimaldi Euromed. The proposals, voted favorably by the creditors with a very large majority, were positively evaluated and deemed legitimate by the Court.

The fulfillment of the proposals will take place, subject to the investment of a main operator in the shipping business, with the acquisition of 49% of Moby's capital, the investment of €152 million, and the payment of €82 million in settlement of the position of the creditor Tirrenia Spa in extraordinary administration, which was authorized to define the agreement by a decree of the Ministry of Economy, led by Minister Giorgetti.

The settlement plans and appraisals for the degradation under Article 160, paragraph 2, of the applicable bankruptcy law, of the “creditori incapienti”, Moby and Cin were drafted by partner Marcello Pollio, assisted by Filippo Pongiglione and Francesco Rizzo. PwC acted as financial advisor with a team led by Fedele Pascuzzi and Giuseppe Palermo and Gianni & Origoni as legal advisor with a team led by Luca Jeantet and Antonio Auricchio.

 

For further information, please contact:

Nadja Pugneth , Marketing & PR

Email: nadja.pugneth@bureauplattner.com

t: +39 (0)471 222500

 

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