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Tag: Reorg Research | Ferry Shipping News

Feb 11
1

Latest News From Moby’s Debt Restructuring Plan

By | 2021 Newsletter week 6 | No Comments

News provider Reorg Research reported some details about Moby’s latest debt restructuring proposal: “Recovery for bank lenders will differ from that of bondholders, who will be able to choose between a 30% upfront payment or a smaller initial cash recovery that would also include future proceeds deriving from asset sales”.

The new restructuring proposal “targets the sale of about eight vessels of Moby and subsidiary Compagnia Italiana di Navigazione fleet in five years’ time.”

The proposal also includes the creation of a shipco which would buy the group’s fleet and lease it back to Moby. Investment fund Europa Investimenti would participate in the shipco”.

The Onorato-controlled company sent an updated restructuring proposal to its creditors earlier this month.

Oct 15
0

French Regions Help Brittany Ferries to Get through these Difficult Times

By | 2020 Newsletter week 42 | No Comments

Brittany Ferries’ newest vessel GALICIA made her maiden test call in the ports of Cherbourg and Portsmouth this week.

More relatively good news comes from the financial side of the business.

Normandie Region decided on Monday 12 October:

  • Extended depreciation of vessels from 30 to 35 years
  • This will reduce the charter rates by €2m/y = €10m over 5y.
  • SOMANOR (*) will pay the important maintenance works of owned ships, at a ratio of €7m/y = €35m over 5y.

Conseil Régional de Bretagne will decide on Thursday 15 October:

  • €30 million of financial assistance, of which €15 million will be made available immediately.
  • This aid is about deferring charter fees on the ships owned by the regions.
  • The money is not a subsidy.

A big issue in France is the fear to lose the French Flag. Brittany Ferries is one of the biggest employers of French crews.

(*) SOMANOR

  • Brittany Ferries …………………………………….. 24,65 %
  • Senacal…………………………………………………. 48,55 %
  • Senamanche………………………………………….. 26,80 %
Oct 15
0

Moby in Talks with Investment Funds for its Rescue Plan

By | 2020 Newsletter week 42 | No Comments

The financial news provider Reorg Research revealed that “Fortress Investment Group, Clessidra Sgr and Europa Investimenti are amongst the funds discussing with Moby about a possible new money provision amid the group’s restructuring”, according to some sources. The process is in progress, but nothing has been decided yet.

Moby has been in talks with some investment funds for a deal designed to potentially unlock a standstill with creditors, as reported. The funds would be willing to provide new money to the group or, alternatively, buy its bonds and subsequently close a restructuring agreement with the company and its banks, according to sources.

The Onorato family-controlled company has to present a restructuring proposal by October 28 but it is expected to request a 60 days extension to the Court of Milan, where it filed for creditor protection under the concordato preventive procedure at the end of June.

Moby closed the first half of 2020 in red for EUR 50 million and the overall financial exposure increased to EUR 643 million, of which 160 million with banks, 295 million with bond holders and 140 million with subsidiaries.