A reported €221 million offer from Palumbo has complicated the planned sale of Italian Sea Group (TISG), with neither the auction date nor admitted bidders confirmed following a court hearing on 11 November.
T24 reported that Palumbo submitted its proposal overnight on 9–10 November, after the original deadline had passed. The newspaper noted apparent shortcomings in the guarantee deposit and asset scope, and said Palumbo's admission to the process had not been established.
The development leaves SRI Group Global Limited as the officially identified reference bidder. SRI's proposal was announced on 2 November at €220 million for the whole business, with TISG reserving final buyer selection pending court authorisation.
Azimut Benetti's position also remains unclear. T24 reported the group was unwilling to increase its €210 million proposal, though this does not amount to a confirmed withdrawal.
The previously suggested auction date of 16 November remains provisional. A further hearing on admission to the restructuring procedure is scheduled for 23 December, according to T24.
The sale forms part of a restructuring plan that would see the operating business leased to the selected purchaser before completion, with the existing company entering liquidation. The plan proposes approximately 10% recovery for unsecured creditors, full payment of privileged claims, and no value to shareholders—outcomes all subject to court confirmation.
Unfinished projects remain unconfirmed, leaving questions for yacht owners with vessels under construction.
