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Tag: CIN | Ferry Shipping News

Nov 06
3

Five RoPax Ships Put Up for Sale by Moby and CIN

By | 2025 Newsletter week 45 | No Comments

Following the green light from the Italian Antitrust Authority for the agreement that separates Moby from MSC and its ferry company GNV, the Onorato-controlled group moved immediately to sell five of its current vessels and use the proceeds to repay loans provided by MSC in 2023 to keep the company solvent.

To repay the debt, Moby has scheduled an online auction for next week, 12 November. Five of the company’s vessels will be offered in a single lot with a starting price of EUR 229.9 million. The auction lists five RoPax units: MOBY AKI and MOBY WONDER (to be chartered back to Moby for 15 years at a daily rate of EUR 15,000), MOBY ALE DUE, ATHARA, and JANAS.

Apr 29
4

The Court of Milan accepts the debt restructuring plan submitted by Moby and CIN

By | 2022 Newsletter week 17 | No Comments

The bankruptcy court of Milan has just admitted the new debt-restructuring plans presented by Moby and Compagnia Italiana di navigazione after a few weeks ago the judicial commissioners of Tirrenia had “expressed an overall positive opinion on the resilience of the plan”. The latter is based on a preliminary agreement with the State-owned bad company Tirrenia in Amministrazione Straordinaria (creditor for EUR 180 million) and on the EUR 80 million capital increase announced by MSC Group which will take in change a 25% stake in Moby Group.

The Court of Milan officially scheduled for next June 20th and 27th the creditors’ meeting for Moby and Tirrenia CIN respectively.

Sep 30
4

Moby Signed a New MoU with a Part of the Bondholders

By | 2021 Newsletter week 39 | No Comments

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.