Moby and Tirrenia CIN Receive Green Light for a Company Voluntary Arrangement

The Vincenzo Onorato controlled ferry company Moby and the subsidiary Tirrenia CIN received the green light from the Court of Milan to go ahead with the requested ‘concordato preventivo’ procedure.

The aim of the procedure is to reach a voluntary agreement with its business creditors, such as suppliers, banks, bond holders, Tirrenia in Amministrazione Straordinaria and others.

Total amount: roughly EUR 700 million.

Moby’s creditors will be called to express their vote on the proposed debt-restructuring plan on December 13^th, while the same ‘meeting’ for Tirrenia Cin’s creditors will be one week later (December, 20^th).