Motia Compagnia di Navigazione has completed the process of a €130m ($145m) debt restructuring through an agreement approved by a court in Venice. According to the approved plan Motia was closed down and all of its assets sold, partially to a vehicle linked to Pillarstone Italy (three ships) and the rest was rebought by the Zacchello family with a newly built Dutch company called Maia Shipping BV.
The latter has just taken over six ships via subsidiaries. Among them there is also the Italian new vehicle, Maia Compagnia di Navigazione, where Diana Zacchello, Claudio Baccichetti and Silvia Zacchello are respectively chairman and board members. The Venice-based shipping company also operates a seventh ship on bareboat charter.
This turnaround was possible thanks to the financial support which came from Northern Shipping Fund, a US capital provider specialised in tanker and offshore shipping, which supported Maia Shipping with a refinancing specifically aimed at taking over the seven ships previously controlled by Motia.