The Moby group presented the ongoing arrangement plan to the Court of Milan. According to the Sole 24 Ore, the deposit would have taken place yesterday evening. The plan was drawn up by the director Achille Onorato supported by the legal advisors of Gianni Origoni and by Pwc.
The plan envisages the sale of assets to service the debt: 4 ships and the tugboat division. At the same time, new investments and the maintenance of employment are planned: the two ships under construction are already almost ready. Now it remains to be understood the timing for the admission of the plan and above all the modalities for continuing the discussion with the Court and the creditors. The plan could indeed be modified and improved. The last act will be the vote in the meeting by the creditors. The recovery percentages for creditors contained in the plan would also have been modified with respect to the proposal of last February, when a procedure of 182 bis of the bankruptcy law was contemplated.
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The plan, which should have the go-ahead from the banking class, could however find dissent from the bondholders, adhering to the Ad Hoc Group committee, mostly hedge funds that until now have not found an agreement with Moby and the Onorato family. . Finally, the path that would have been chosen for Tirrenia is different: a plan will be filed for the latter based on 182 bis of the bankruptcy law, which can meet the requests of the Tirrenia commissioners in extraordinary administration (creditors for 180 million euros ) and suppliers who would have joined 95 percent.