The entire fleet of Ravenna-based Gestioni Armatoriali, made up of nine bulkers and three tankers, will be transferred to Deutsche Bank and Attestor Capital.
The transfer is part of a debt restructuring agreement under Italian bankruptcy law just signed by the Italian shipping company with creditors Deutsche Bank, Morgan Stanley and Banca di Credito Popolare.
The overall financial exposure of the company stands at roughly $400m, of which some $385m was with the banks.
Once the restructuring agreement is formally approved by the Court of Ravenna, Gestioni Armatoriali will be debt-free and in charge of the technical and commercial management of six of the 12 vessels controlled by Deutsche Bank and Attestor.
Nicola Caoccia, chairman of the company, revealed to Splash that Gestioni Armatoriali will have the option to buy back the three tankers in at a fixed price in the future.