The Court of Milan has approved, approving it, the arrangement with creditors plan presented by Moby-Cin, rejecting the opposition proposal presented by Grimaldi Euromed spa which had asked for damages of 147 million also claiming alleged violations of antitrust rules by the company that makes headed by the Onorato family, condemning them to pay the costs.
The provision was filed today by the judges of the bankruptcy section who considered that “all the legal conditions for the homologation of the arrangement” and the “groundlessness of the opposition promoted” by Grimaldi existed. The outcome was announced by Moby herself.
The composition proposal was admitted by the court last April, after a few weeks earlier the judicial commissioners of Tirrenia under extraordinary administration had expressed an overall “positive opinion on the stability of the plan” which provides for an agreement on debt restructuring that Cin-Compagnia Italiana di Navigazione has against the former Tirrenia (taken over by Cin itself) and which on the basis of the “balance and write-off” formula should lead the former to pay 82 million euros to the latter.
After the postponement decided at the end of September for the examination of the Grimaldi Group’s opposition, yesterday the hearing was held at the Court of Milan for the approval of the composition with creditors of Moby and the subsidiary Cin – Compagnia Italiana di Navigazione.
According to what was announced by Moby herself, the judging panel has reserved itself and the judgment will be announced “in the coming weeks”.
What is expected from the court is the homologous of the two agreements with creditors concerning Compagnia Italiana di Navigazione and the parent company Moby.
The bailout plan presented to the court by the group controlled by Vincenzo Onorato provides for the entry into the capital of Moby Spa of 49% of Gianluigi Aponte’s MSC for 150 million euros, precisely with the approval of the agreements with creditors on which, between the end of June and mid-July, the respective meetings of creditors had expressed a large majority in favor of the proposed debt restructurings.
The rescue operation provides for the establishment of a closed-end fund (ShipCo); the sale by Moby and Cin to ShipCo of part of the fleet, in exchange for the supply of new finance and the assumption of debt; the merger of Moby and Cin (OpCo); the charter from ShipCo to OpCo of the purchased fleet and the sale of some vessels between 2022 and 2025; the buy-back (under certain conditions) of the remaining fleet by OpCo by 2025.