Monteverde di Navigazione reaches restructuring deal with banks

Monteverde di Navigazione reaches restructuring deal with banks

Following the news that Gestioni Armatoriali has reached an agreement with its creditors over the long-awaited financial restructuring, another Italian shipping company has just closed a similar procedure with its banks.

The Naples-based Monteverde di Navigazione, a small firm headed by Nicola Schiano, controlling three small dry bulkers, has just sealed an agreement with Monte Paschi di Siena, MPS Capital Services, Banco BPM and Banco di Napoli over the restructuring of its financial exposure which stands at some €20m ($23.5m). The two companies covered by the agreement are Monteverde di Navigazione Spa and Montegreen Srl, both based in Italy, and both set to be relaunched after this signing.

The Schiano-controlled group operates three sister ships all built in 2009 and 2010 and deployed on short sea shipping routes in Italy and in the Mediterranean for transporting steel products and dry bulk cargoes.

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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