Compagnia Italiana di navigazione (Tirrenia) to be finally merged in Moby

By | 2024 Newsletter week 09 | No Comments

The project to merge Compagnia Italiana di Navigazione into the Moby Group is finally taking shape. The vehicle company that owns the Tirrenia brand and assets, established when the former public ferry company was acquired by the Onorato family in 2012, was intended to be reverse merged several years ago as part of an initial stage restructuring plan.

In the recent past, Compagnia Italiana di Navigazione filed for restructuring at the Court of Milan in parallel with Moby. However, today both companies are back ‘in bonis’. As a result, in the future, CIN and Tirrenia will no longer exist, while Moby (51% controlled by the Onorato family and 49% by Aponte’s MSC) will be the sole entity in the market, owning the fleet of ferries and tugs deployed on the short sea local market in Italy.

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.