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Pillarstone to present new RBD Armatori rescue plan

Pillarstone to present new RBD Armatori rescue plan

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A third attempt at a restructuring plan under the ‘concordato preventivo’ procedure of Italian law will be presented next month by Rizzo Bottiglieri de Carlini Armatori with the support of Pillarstone Italy according to a Debtwire report. 

In July, the KKR-controlled turnaround fund became the largest creditor of the Naples-based shipping company after purchasing non-performing-loans previously owned by Banco di Napoli and Monte Paschi Siena totaling €246m ($280m) and €314m ($358m) respectively.

After taking control of Genoa-based Premuda and RBD Armatori, Pillarstone is now hunting its the next target in Italy with market rumour pointing towards Gestioni Armatoriali.

Gestioni Armatoriali is a shipping company controlled by the Casadei and Bazzi families of Ravenna and is active in the liquid and dry sectors with a modern fleet of 9 dry bulkers and 3 tankers. Gestioni Armatoriali’s financial exposure with Monte Paschi Siena, Banco di Napoli, GE Capital, Banca Popolare di Novara (now Banco BPM) and Deutsche Bank exceeds €350m ($420m).

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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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