Three years after purchasing the dry bulk branch of Deiulemar Shipping, Augustea and Ocean Bulk are joining forces again to grab another Italian shipping company.
According to local media in Italy, a newly formed company renamed Lighthouse submitted to the local court in Naples a restructuring plan in competition with the one produced by Bain Capital for Giuseppe Bottiglieri Shipping Company. Bain Capital’s plan was supported by the Bottiglieri family.
In the coming weeks creditors will be invited to express their preference on one of the two plans in competition for the shipping firm under protection through the ‘concordato preventivo’ procedure obtained by the court in Naples.
As of today the fleet controlled by Giuseppe Bottiglieri Shipping Company consists of 15 vessels made up of four MR1 tankers, 10 post-panamax bulkers and one capesize. The company’s financial exposure with its banks – Unicredit, BNP Paribas, Monte Paschi Siena, Banco di Napoli and Ubi Banca – stands at some €390m ($450m).