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Tirrenia, a rescue proposal with the hours counted

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In the complex game of Tirrenia’s rescue, yet another, in the history of this company, there is a certain dead-line: Monday 29 March. The CEO of Tirrenia-Cin, Massimo Mura, writes this to the unions, to whom he communicates that he has “concluded preliminary agreements with his creditors / suppliers (94%) for the restructuring of the debt, but because the rescue operation of the company is completed, there is no agreement with the commissioners of Tirrenia As, with the decisive approval of the Mise, which has not yet been received. “At stake, the manager continues, is business continuity.

The scenery

To understand, you need to step back and summarize briefly. The Onorato Armatori group, which already has Moby Lines in its portfolios, buys Tirrenia AS (under extraordinary administration, therefore already suffering) from the State and sets up a new company, the Tirrenia-Italian shipping company, for the management of ships and lines. Tirrenia-Cin, and ultimately the Onorato group, still has to pay 180 million euros to Tirrenia AS, that is to say to the State, for that acquisition. A debt that is unable to pay, because it is itself in difficulty.

Tirrenia-Cin’s proposal, which received the okay from 94% of its creditors / suppliers, as the CEO Mura says, is to pay the State 80% of the debt, which it would see – we learn from sources close to the dossier – the credit of Tirrenia As raised from unsecured to privileged with first degree mortgages (collateral on ships) and the assurance that the crew would not lose their jobs and that the fleet renewal plan would continue. Different solutions, on the other hand, would involve the recovery of the credit in terms of 17-26%.

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The public convention and Moby

Let’s broaden the field. The single public agreement that the State guaranteed to the group for connections with the islands, in support of territorial continuity, expired on 28 February last. Therefore, Tirrenia-Cin no longer has the guaranteed injection of public money. The convention will be proposed again, but no longer unique, but in support of the individual lines, therefore unpacked, which will be banned. In the meantime, the Onorato group has made it known that it will still guarantee the connections in place (revised in the number of ships and races, in the face of the pandemic).

As for Moby Lines, also in difficulty, more or less the same route as Tirrenia-Cin has returned. There was a proposal for a debt restructuring agreement, the agreement was not reached and the company is now sailing towards the agreement.

What happens now

The proposed agreement for the restructuring of the Tirrenia-Cin debt, which bears the boulder of the 180 million exposure, expires on 29 March. Tomorrow. There is a general agreement with the creditors, there is no ok from the commissioners of Tirrenia AS and Mise. Expected, as far as is known, for at least 10 days.

If the OK of the Mise arrives, there will be the restructuring of the debt ex 182 bis of the bankruptcy law. Otherwise, the navigation to Tirrenia-Cin will probably become more tortuous towards the arrangement with creditors. Not only. What would be the political background of a possible no? What hypotheses could emerge from the (new) government for the future of the company?

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“The facts and circumstances lead us to solicit an acknowledgment by the commissioners on the correctness and stability of the repayment plan, presented by the Onorato group – explains the Fit-Cisl trade union organization in a note -. We hope that by tomorrow also the Mise declares itself in favor of allowing the definition of a delicate economic match, whose unthinkable negative outcome would unfortunately have heavy and irreparable repercussions on the work of thousands of seafarers “.

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