Naples-based shipping company Michele Bottiglieri Armatore has just sealed a debt restructuring plan with a group of Italian banks (Banco BPM, MPS, MPS Capital Services, MPS Leasing & Factoring, Unicredit, Banco di Napoli and BPER Banca).
The agreement includes a postponement of debt payments, and the company will not be required to sell off any of the vessels in its fleet.
Founded in 2008, Michele Bottiglieri Armatore controls five kamsarmax and post-panamax bulk carriers.
The overall financial exposure of the company with the banks stands at some €80m ($92m).
Last year, the company’s results improved significantly posting revenues of €29.9m and a €7.9m profit, compared with a loss of €9.9 from revenues of €20.2m in 2016.