On March 30 Genoa-based Premuda will become a shipping company 100% owned by KKR-controlled turnaround fund Pillarstone Italy.
Pillarstone, the largest creditor of the group having acquired the positions of the three main banks Unicredit, Intesa Sanpaolo and Carige, will proceed with an increase of equity capital up to €50m ($53m) thus becoming sole shareholder of the company.
Pillarstone is making big moves in Italy to snap up other local lines this year too.