Naples-based shipping company RBD Armatori was formally declared bankrupt by the Court of Torre Annunziata on Thursday.
A few weeks ago the company controlled by the Rizzo, Bottiglieri and De Carlini families saw the opportunity to present its third rescue plan dismissed by shareholders and its main creditor, Pillarstone Italy.
Given that situation and the disagreements still existing between the counterparts controlling RBD Armatori, the three managers appointed last summer communicated to the judges that there aren’t the requisite conditions to proceed with a restructuring plan shared both by the creditors and the shareholders.
Therefore the court has opted to declare bankruptcy instead of following the option of the extraordinary administration procedure for large companies in Italy.
Last summer KKR-controlled fund Pillarstone Italy became the main shareholder of RBD Armatori after purchasing non-performing loans previously owned by Banco di Napoli (Intesa Sanpaolo group) and Monte Paschi Siena worth respectively €246m ($280m) and €314m ($358m).
The company’s financial exposure with the banks has exceeded $700m while the overall financial exposure is over $1bn.
RBD Armatori controls a fleet of 13 bulk carriers and tankers.
RBD Armatori’s bankruptcy is just the latest victim of a long series of demises of Italian lines which started with Deiulemar group four years ago and continued with Navemar. Many other Italian shipping companies have been restructured and some rescue plans are still pending.
Speculative investment funds like Pillarstone Italy, Goldman Sachs and Deutsche Bank in the last few years purchased from several Italian banks non-performing-loans of well know shipping firms such as Premuda, Gestioni Armatoriali, Finaval and some others.