Pillarstone puts RBD Armatori under bankruptcy protection
A few days after purchasing non-performing loans from Intesa Sanpaolo and MPS totaling $638m, Pillarstone has filed for bankruptcy protection for Italy’s RBD Armatori.
Several sources confirmed to Splash the move by the KKR-controlled turnaround fund that now gives the company three possible options: bankruptcy, outside administration or ‘concordato fallimentare’ procedure under the Italian law. The latter option would lead to a split of the business in separate vehicles with the assets to be owned by the creditors.
As of today RBD Armatori’s fleet consists of eight bulk carriers and six tankers.
The move by Pillarston has shocked several shipowners in Italy whose companies are undergoing restructuring as new speculative investors enter the local market.
As well as Goldman Sachs, Deutsche Bank and Pillarstone there is now Taconic Capital which seems to be in the process of purchasing shipping-related non-performing loans from Banco Popolare.
