Giuseppe Bottiglieri can breathe a sigh of relief after a court in Naples rejected a rescue plan presented by Augustea and Ocean Bulk which is competing with Bain Capital, the latter of whom has received support from Bottiglieri.
According to Debtwire, Augustea and OceanBulk’s proposal was rejected because instead of buying up 10% of Giuseppe Bottiglieri Shipping Company’s claims and then submitting its proposal, the company offered to buy 10% of the claims from lenders and provide an earn-out only after the court would have homologated the proposal. Augustea did not reply to a request for comment from Splash on the subject.
Given the current situation the company’s creditors will vote on the original plan proposed by Bain Capital in 2017 which was supposed to inject €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 made up of four MR1 tankers, 10 post-panamax bulkers and one capesize bulk carriers.