Giuseppe Bottiglieri rescue plan gains bank approval

Giuseppe Bottiglieri rescue plan gains bank approval

Naples-based Giuseppe Bottiglieri Shipping Company has obtained a green light from banks on the restructuring plan proposed jointly with Bain Capital investment fund.

In a release on Friday Giuseppe Bottiglieri Shipping Company expressed its gratitude to all creditors, from brokers to suppliers and the banking system, namely Monte dei Paschi di Siena, MPS Capital Service, Banco di Napoli and UniCredit.

“With their vote they allowed a historic company to stay in Italy and keep jobs safe for 340 people,” the company noted.

Giuseppe Bottiglieri’s statement also informed that the Court of Appeal of Naples declared the inadmissibility of Lighthouse’s request to stop the creditors’ meeting and suspend the voting process. Lighthouse is a company jointly owned by Zagari and Pappas families, which had tried to present an alternative restructuring plan.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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