Unsecured creditors of The Italian Sea Group face recovering just 10% of debts owed under a restructuring proposal centred on a €220 million offer from SRI Group Global Limited.
These proposed recoveries remain dependent on the court process and final arrangements.
The Italian superyacht builder announced on 2 November that SRI's proposal would form the basis of its plan submitted to the Florence court. The company has not accepted the offer and intends to seek improved bids before selecting a buyer.
The plan offers a route to continued production for the shipyards behind Admiral, Tecnomar, Perini Navi and Picchiotti. Secured and preferential claims would be paid in full, while subordinated creditors would receive nothing and shareholders would be wiped out. The existing listed company would eventually be liquidated.
The arrangement would initially lease the shipbuilding business to the selected buyer, followed by a sale for €220 million. Production would continue under the new operator.
Financial disclosures on 3 November showed further deterioration. Preliminary negative equity widened to €435.188 million at 30 September, from €422.651 million a month earlier. Nine-month losses reached €58.677 million. Cash at the parent company fell to €1.751 million, with trade payables at €208.255 million. The €220 million sale price cannot be directly compared with the company's negative equity position.
For owners with vessels under construction, the announcement leaves critical questions unanswered. Earlier restructuring documents indicated most existing contracts would not continue under the draft plan considered in July. The November announcement does not identify which projects the new operator would complete.
The restructuring has also coincided with a change at the top of one of the companies linked to the SRI proposal. Tankoa Yachts chief executive Vincenzo Poerio confirmed his resignation on 2 November, according to SuperYacht24. Poerio has been involved in the SRI proposal, though no appointment at TISG has been confirmed.
The Florence court is due to consider the restructuring plan on 11 November, with TISG indicating that, subject to approvals, a lease agreement could be signed as early as the first week of December.
