IDeA Corporate Credit Recovery II Shipping Fund, a turnaround vehicle managed by DeA Capital Alternative Funds, finished its 2019 with four transactions concluded with Italian shipowners, Splash can exclusively reveal.
DeA closed three repossess transactions, leading it to become the owner of a fleet of four ships. Three are ice-class oil chemical tankers (Korsaro, Nike, Aethalia) and one is an aframax tanker (Neverland Dream). The sellers, all under financial restructuring, were Finaval, Elbana di Navigazione and Emerald Koral Shipping.
The fund has set up a series of shipping vehicles, managed by Carlo Cameli and Romano Mancini, respectively former managing director and chief financial officer of Fratelli D’Amico Armatori.
“The fund has generally maintained the technical management at the former debtor shipowning structures in order to preserve their exclusive competences and allow them to continue their activity, without however renouncing the opportunity to aggregate and create operational synergies where deemed appropriate,” Sara Bertolini, managing director of IDeA Corporate Credit Recovery II Shipping Fund told Splash.
The fund was established in December 2018 with the acquisition of non-performing shipping loans worth about $200m.
A fourth transaction was closed recently after DeA saw its credit repaid by the newly built company Maia Shipping, linked to the Zacchello family, which found the way to refinance its financial exposure with Northern Shipping Fund.