July 3, 2020

Moby Filed For Protection From Its Creditors Under Italian Insolvency Law

Milan, June 29, 2020 – “The boards of directors of Moby SpA and CIN SpA have resolved to present a request for a reservation pursuant to art. 161 sixth paragraph l.f. for both companies,” a statement from the company said.

“This choice has the aim of allowing the companies to continue negotiations with their creditors for the achievement of a restructuring agreement under the supervision and protection of the Milan court, protect business continuity and ensure the normal operation of routes for customers, employees and allied industries” the Onorato-controlled company added.

Moby Group hopes to reach, within the terms established by law, an agreement with its own creditors “which is fair, of common satisfaction and capable of guaranteeing that the companies can overcome their current difficulties and continue the relaunch of the Group in the interest of all stakeholders”.

The Milan-based ferry company said it is “in the best position to seize the opportunities that are emerging with the resumption of travel, and has already put in place all the necessary actions to continue to grow. The opportunities include, the strengthening of all connections – and in particular to and from Sardinia – reaching a total of 166 departures, the early reopening of the Corsica season, and the new partnership agreements to expand the offering to Sicily”.