“The Perini Navi Game”. The Italian brand will die another day.

Although the world of information is now giving up Perini Navi for dead – but rightly so given the decision of the Court – the Italian sailing yacht builder owned by the Tabacchi family is certainly not destined to die, at least not today or tomorrow. In fact, if we consider the current interest of many Italian shipyards and other entities to intervene in the post-bankruptcy rescue, taken place last week when the Court in Lucca not only rejected its debt structuring plan, but also did not allow Perini Navi additional time to determine ways to remain operational, we can expect that the Perini brand will come back to the stage sooner or later.

You know when an old billionaire dies, apparently without legitimate heirs, but on the day of his funeral a fleet of relatives proclaims their lineage and want a piece of his property? Here, the same thing is happening with the Perini brand. The brand that today is declared bankrupt with exposed debts of over €100,000,000, leaves a legacy on the pitch that scores goals for many. So after the failed negotiations with Sanlorenzo and with the London-based investment fund Blue Skye Investment Group, which have been evaluating the Perini Navi case, both since last summer, and Ferretti Group which said it was interested in the deal more for the spaces and facilities than for the brand itself (according to an article published in MF Milano Finanza), also The Italian Sea Group today officially announced to have given an official mandate to its advisors to verify content, times and modalities of participation in the future competitive procedure of the Failure of Perini Navi from now on. The Italian Sea Group aims to carefully assess and verify, once the insolvency assets will be identified, whether the conditions to take part in the competitive auction procedure exist. In particular, The Italian Sea Group believes that maintaining in Italy a historic brand such as “Perini Navi” – the leading player of luxury sailing worldwide – represents a strategic interest also for Italy itself.

In short, all to save the Made in Italy. But what are the real reasons why everyone wants Perini, now more than ever, more dead than alive? First of all, an unparalleled history and a great Italian tradition in the world of large sailing yachts with niche clients and a passionate audience (this in terms of marketing translates to the advantage of a specific target), big names among its customers, not a brand but an icon, a product characterized by advanced technology and state-of-the-art design, uniqueness… and above all spaces– partially owned and in state property concession – that is large docks and wide sheds able to welcome a considerable number of new projects and refit activities.

Franco Della Santa of Lucca is now the key-person of the Perini Navi case. He is the bankruptcy trustee in charge of dealing with the complexity of the company which, in addition to the historic headquarters in Viareggio, also has two more in La Spezia and Istanbul. The case is now planned on June 22 again in the Court in Lucca, when the bankruptcy trustee will evaluate the status of liabilities. But even more complex and therefore will require more time, the analysis of the assets (the orders still in place, concessions, machinery, production sites, etc.), which will then lead to a hypothesis of sale, the only way left to avoid the cessation of the activity which would be immeasurable damage for both direct and related employees. As well as for the whole city of Viareggio. But, at least on the sales front, there are many hypotheses to work on. Especially now that the price is significantly reduced compared to its real value, following the bankruptcy.