January 20, 2022

Vincenzo Onorato-controlled Moby Group filed for Chapter 15 bankruptcy proceedings in the U.S. as it seeks to complete a troubled restructuring process at home, Bloomberg reports.

The Milan-based ferry company reached a non-binding restructuring deal with a group representing more than a third of bondholders last September but needs a majority of them to support it at a meeting scheduled for January 20th. As part of the plan, the group could provide new financing (EUR 60 million).

Bloomberg underlines that Moby has been under pressure from increasing regulation, tougher competition and weak freight traffic volumes in the last years, and was further hit by the pandemic travel restrictions. In June 2020, the company petitioned a court in Milan for a court-supervised restructuring procedure, but its revenue grew above expectations this summer”.