Creditors agree to RBD Armatori rescue plan

Creditors agree to RBD Armatori rescue plan

Creditors of RBD Armatori shipping company decided to vote “yes” to the latest version of the restructuring plan prepared by legal and financial advisors thus enabling the Italian firm to continue trading.

Giuseppe Mauro Rizzo, CEO of the Naples-based company, confirmed to Splash that “creditors have just approved the restructuring plan and thanks to that our shipping business will go on as usual”. Next step will be for the Court of Torre Annunziata (Naples) to deliver a ruling on the case in the coming weeks.

According to what it’s written in the rescue plan, four post-panamax and three panamax bulk carriers are due to be sold to repay debts with banks, while a further three capsize bulk carriers will be transferred to a new company 100% owned by RBD.

The deal will see the Naples-based shipping company continue operating on the market with six aframax tankers.

RBD’s overall financial exposure with banks amounts to $743m.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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