April 22, 2021

Tirrenia in Amministrazione Straordinaria, the State-controlled ‘bad company’ creditor of EUR 180 million (the sale price partially unpaid), revealed that Moby has rejected the last proposal of debt restructuring put on the table.

However, both parties involved in the matter seem to come closer to a positive ending. They have already agreed some of the terms: only 80% of the EUR 180 million credit will be refunded, with a first payment (20% of this sum) this year and the remaining part in 2024.

It’s still missing an agreement on the loan guarantees.

Last week, Milan’s public prosecutors submitted a bankruptcy request for Moby’s subsidiary Compagnia Italiana di navigazione (CIN), the court will take a decision on May 6. When filing its ‘concordato’ proposal, Moby confirmed its intention to present an out-of-court restructuring plan for CIN and said that the CIN filing had been postponed by a few days to allow for conclusion of the negotiations with the administrators of Tirrenia AS (which is in extraordinary administration).