As the expiring date of March 28 for submitting the debt restructuring proposal is rapidly approaching, tensions are increasing between Moby and its bondholders.
Last week, news provider Reorg Research reported that the “ad hoc group” controlling 50% of the bonds issued by the Onorato-lead ferry company had sent a counterproposal in response to the Italian shipping company’s latest draft restructuring plan. “The bondholders are focusing on the size of the investment from Moby’s new potential partner Europa Investimenti, which is deemed to be too low. They also believe that the targeted returns on investment for Europa Investimenti are too high and not at market rates” sources said.
Another source of concern for the ad hoc group is Moby’s future governance, which according to the company’s plan, should remain in the hands of the Onorato family.