Bottiglieris dismiss Zagari’s ‘misleading statements’

Bottiglieris dismiss Zagari’s ‘misleading statements’

The battle for control of debt laden Italian line Giuseppe Bottiglieri Shipping Company (GBSC) is getting more heated.

Despite a court in Naples dismissing Lighthouse’s latest restructuring plan for the line, an appeal has been lodged. Lighthouse – a vehicle jointly owned by Zagari controlled Augustea and Pappas controlled Oceanbulk – is in a tussle to take over the financially troubled line with Bain Capital.

Raffaele Zagari, CEO of Augustea Group, maintained in an exclusive interview with Splash yesterday that the Lighthouse plan for GSBC was far better for creditors than what Bain Capital has proposed.

Zagari’s comments forced GBSC, which favours Bain Capital, to respond. The Italian line issued a release denouncing Zagari’s comments as “misleading statements”.

GBSC has revealed Bain Capital has upped its initial cash offer from $120m to $205m.

GBSC said Lighthouse’s plan was unsuitable as it provided the creditors’ repayment only after the sale of the vessels over a long time frame and, de facto, the liquidation of the vessels.

The Bottiglieri family said they were now looking at taking court action against what they described as defamatory remarks made by Zagari.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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