Splash 247

Pillarstone moves to take control of RBD Armatori

Pillarstone moves to take control of RBD Armatori

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 57
            [name] => Dry Cargo
            [slug] => dry-cargo
            [term_group] => 0
            [term_taxonomy_id] => 57
            [taxonomy] => category
            [description] => Stay updated on what's going on in the Dry Cargo sector while browsing the Dry Cargo news archive. 

Find the latest maritime and shipping news on Splash 24/7.
            [parent] => 54
            [count] => 1989
            [filter] => raw
            [cat_ID] => 57
            [category_count] => 1989
            [category_description] => Stay updated on what's going on in the Dry Cargo sector while browsing the Dry Cargo news archive. 

Find the latest maritime and shipping news on Splash 24/7.
            [cat_name] => Dry Cargo
            [category_nicename] => dry-cargo
            [category_parent] => 54
        )

    [1] => WP_Term Object
        (
            [term_id] => 70
            [name] => Europe
            [slug] => europe
            [term_group] => 0
            [term_taxonomy_id] => 70
            [taxonomy] => category
            [description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 55
            [count] => 4877
            [filter] => raw
            [cat_ID] => 70
            [category_count] => 4877
            [category_description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Europe
            [category_nicename] => europe
            [category_parent] => 55
        )

    [2] => WP_Term Object
        (
            [term_id] => 65
            [name] => Finance and Insurance
            [slug] => finance-and-insurance
            [term_group] => 0
            [term_taxonomy_id] => 65
            [taxonomy] => category
            [description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1112
            [filter] => raw
            [cat_ID] => 65
            [category_count] => 1112
            [category_description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Finance and Insurance
            [category_nicename] => finance-and-insurance
            [category_parent] => 54
        )

    [3] => WP_Term Object
        (
            [term_id] => 58
            [name] => Tankers
            [slug] => tankers
            [term_group] => 0
            [term_taxonomy_id] => 58
            [taxonomy] => category
            [description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1470
            [filter] => raw
            [cat_ID] => 58
            [category_count] => 1470
            [category_description] => Stay updated on what's going on in the shipping and tankers sector by browsing the tankers news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about tankers. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Tankers
            [category_nicename] => tankers
            [category_parent] => 54
        )

)

Pillarstone Italy is poised to become main shareholder of the Naples-based shipping firm RBD Armatori.

The KKR-controlled turnaround fund has just become the largest creditor of the company after purchasing non-performing-loans previously owned by Banco di Napoli and Monte Paschi Siena totalling €246m ($280m) and €314m ($358m) respectively.

Giuseppe Mauro Rizzo, CEO of RBD Armatori, commeting on the deal told Splash: “We take note of the deal just completed by Pillarstone with the banks and we look at this purchase with positive approach as we think it may represents an opportunity for our business.”

In addition to Pillarstone, RBD Armatori’s main creditors are Goldman Sachs, Deutsche Bank, Cariparma and BPER bank.

“We are ready to consider, together with the new creditor and the others which had expressed their vote in favour of the business continuity before, any possible solution for the restructuring in order to preserve a shipping company which has been operating on the market for 160 years and it’s still today one of the most important in Italy,” Rizzo added.

The company’s financial exposure with the banks exceeds $700m while its overall financial exposure is over $1bn.

A few weeks ago the latest version of RBD Armatori’s rescue plan was rejected by creditors, mostly down to Intesa Sanpaolo and MPS the two banks which have now offloaded their loans to Pillarstone.

As was the case with another Italian owner Premuda, Pillarstone is likely to work on a debt restructuring proposal with consequent share capital increase.

Share this article

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.

Related Posts