Last Monday (May 24th), Moby filed a ‘concordato’ proposal for its subsidiary CIN (Tirrenia) as no agreement was found with the main creditor, i.e. the judicial administrators of Tirrenia AS, which is in extraordinary administration.
CIN owes EUR 180 million in unsecured debt (deferred payment) for the acquisition of the former public company Tirrenia from the Italian state in 2012.
The procedure will be therefore similar to the one selected also for Moby group since an out-of-court restructuring plan with the ad hoc group of bond holders was not reached either.
According to the plan submitted for Tirrenia CIN to the Court of Milan and exclusively revealed by news site Shipping Italy, five ferries are expected to be sold before 2025 (*)
Moby’s subsidiary is offering a 20% minimum guaranteed recovery to its unsecured creditors and the recovery could increase up to 35%. The repayment would take place at the earliest date of either 31 December 2025 or 36 months after the ‘concordato’ preventive homologation.
(*)
High-speed vessel ISOLA DI CAPRAIA is scheduled for sale in 2022, EUR 1.9 million
- Roro BENIAMINO CARNEVALE in 2022, EUR 6.8 million
- Ropax BITHIA in the same year, EUR 29.5 million
- Ropax JANAS in 2024 for EUR 29.5 million
- Ropax ATHARA also in 2024 for EUR 32.5 million
