Boston-based private equity firm Bain Capital has decided to bet some €120m ($138m) on the Italian Giuseppe Bottiglieri Shipping Company which is currently under protection through the ‘concordato preventivo’ procedure obtained by the Court in Naples.
Splash reported a few weeks ago that the company headed by Giuseppe Bottiglieri and his daughter Mariella drew the attention of some financial investors interested in injecting capital in order to purchase non performing loans and relaunch the business. This week a restructuring plan was submitted to the court and several sources in Italy say that Bain Capital might be ready to pay €120m to buy all the financial exposure controlled by the banks worth some €390m ($450m). Unicredit, BNL (Bnp Paribas), Monte Paschi Siena, Banco di Napoli (Intesa Sanpaolo) and Ubi Banca are the most heavily involved with this Italian line.
As of today the fleet controlled by Giuseppe Bottiglieri Shipping Company consists of 15 vessels (4 MR1 tankers, 10 post-panamaxes and one capesize bulk carriers whose market value according to what is reported on the balance sheet is less than €200m ($230m).
In the coming weeks the court of Naples will be expected to validate the plan proposed by Bain and consider other potential competing restructuring plans. Then the banks and the other creditors will be called to express their votes on the offer proposed by the company.
Since some troubles emerged between Italy’s Confitarma (local shipowners association) and Pillarstone, another private equity group, after the latter purchased non-performing-loans of RBD Armatori, the relationship between lenders, shipping companies and financial investors is changing in rapidly in Italy making it more complex for the banks to decide how best to offload their financial exposure in the local shipping industry.