News provider Reorg Research reported some details about Moby’s latest debt restructuring proposal: “Recovery for bank lenders will differ from that of bondholders, who will be able to choose between a 30% upfront payment or a smaller initial cash recovery that would also include future proceeds deriving from asset sales”.
The new restructuring proposal “targets the sale of about eight vessels of Moby and subsidiary Compagnia Italiana di Navigazione fleet in five years’ time.”
The proposal also includes the creation of a shipco which would buy the group’s fleet and lease it back to Moby. Investment fund Europa Investimenti would participate in the shipco”.
The Onorato-controlled company sent an updated restructuring proposal to its creditors earlier this month.
