Moby Group announced that on 21 September, together with its wholly-owned subsidiary CIN SpA and the parent company Onorato Armatori Srl (Moby, CIN and Onorato Armatori Srl form together the Moby Group) entered into a non-binding Memorandum of Understanding with an ad hoc group of bondholders who together hold in excess of 33% of the outstanding amount under the EUR 300 million Senior Secured Notes due issued by Onorato Armatori.
“Pursuant to the MoU, the Moby Group and the Ad Hoc Group will engage in negotiations with the purpose of, inter alia, providing the additional financial resources necessary to support a new composition plan to be submitted to Moby Group financial creditors”. The company also added that will “make a further announcement in due course, as appropriate”.
This week Bloomberg also reported that Morgan Stanley and two of its top distressed-debt traders are being sued by Italian ferry operator Moby which claims it has recordings showing the bank and an investor were secretly trying to seize control of the company away from other creditors.
