The news that the shipyard was in serious trouble is not new within the whole industry. Today the Italian Newspaper Milano Finanza has published an article in which they unveil that the Board of Directors of the Italian shipyard Perini Navi will decide today – whether or not – to request the debt restructuring agreement pursuant to Article 182–bis of the Italian Bankruptcy Law, request that then has to be officially presented to the competent court. As the article reveals, against a turnover of 55 million Perini Navi records a negative Ebitda of 25 million and total debts – between banks and suppliers – equal to Eur 55 million. To get out of this situation the Tabacchi family is negotiating an exit strategy with Sanlorenzo, Massimo Perotti’s shipyard that would be ready to acquire the company through article 182-bis.
The plan sees the creation of a Newco where 70% will be owned by Sanlorenzo and 30% by Tabacchi. The latter would be willing to invest an additional Eur 10 million while Sanlorenzo would enter with the remaining 30 million, a new injection of liquidity capable of restructuring the company. This operation would be already agreeded among the parties but needs to find the final consent by creditors, decision that could not meet their green light. A second aspect that may not make this operation feasible concerns the risk of a monopoly in the nautical district of Viareggio, on which Fiom Toscana – the Italian metalworkers’ union – has already expressed itself. The alternative to the 182-bis request is the Arrangement with Creditors.
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