UK turnaround fund Attestor Capital is rapidly increasing its role in the Italian shipping arena, purchasing its second non-performing-loan of Ravenna-based Gestioni Armatoriali in quick succession. In February Attestor bought, together with Deutsche Bank, Intesa Sanpaolo’s financial exposure with the company which is valued at some $85m and now some sources familiar with the matter said that Attestor also took another NPL from Banco BPM (former Banco Popolare) which is worth $33m.
The three investors (Deutsche Bank, Attestor and also Taconic Capital) which recently stepped in are now controlling a majority of Gestioni Armatoriali’s financial exposure with the lenders which stands at $384m.
Several sources suggested to Splash that the current shareholders of the Ravenna-based shipping firm (the Coccia, Bazzi and Castaldo families) are now trying to find a restructuring plan to be shared with the turnaround funds. The one recently approved by the board of directors calls for the sale of four modern supramax bulk carriers before next summer.