Gray smoke. For the future of Tirrenia Cin (a shipping company controlled by Moby of the Onorato Armatori Group) it will be necessary to wait until next Tuesday. The meeting with the commissioners of Tirrenia in Extraordinary Administration and the representatives of the group, called at 5.30 pm yesterday and ended after more than two hours, has been updated for next week. It is the latest episode of the story linked to the debt that Cin has towards Tirrenia. A figure that fluctuates between 180 million euros and 159 million due for the acquisition of the ships.
The knot to untie
The last knot to be solved in order to implement the ongoing restructuring plan presented by the Company and which, according to the representatives of the group, in recent weeks had reached “an important agreement with most of its creditors, in particular with the banks and with bondholders “.
The offer
Then the offer to Tirrenia in As written by Vincenzo Onorato on 1 March “equal to 144 million euros against a debt of 180 million quantified in 159 million euros pending an arbitration procedure in progress”. As for the payment, according to the proposal it should take place with a payment of 23 million euros “immediately upon approval and the remaining 121 million euros in the following three years”. Not only that: “For the residual 121 million euros, the debt, thanks to an agreement with banks and bondholders, would be guaranteed by a first mortgage on four Cin ships, thus passing from unsecured debt to guaranteed debt”.
The concern of the trade unions
The trade unions are hoping that next Tuesday will be the last meeting. “The hope is that a decision can arrive so that the court can decide and deliberate so that all creditors have the right rest – says Arnaldo Boeddu, general secretary of Filt Sardegna – and that at the same time there are certainties for the 6 thousand seafarers who today live in uncertainty and have a great concern for the future. On the other hand we are talking about a plan that provides for refreshments for 90 per cent and which would also be suitable for the state ».