A third attempt at a restructuring plan under the ‘concordato preventivo’ procedure of Italian law will be presented next month by Rizzo Bottiglieri de Carlini Armatori with the support of Pillarstone Italy according to a Debtwire report. 

In July, the KKR-controlled turnaround fund became the largest creditor of the Naples-based shipping company after purchasing non-performing-loans previously owned by Banco di Napoli and Monte Paschi Siena totaling €246m ($280m) and €314m ($358m) respectively.

After taking control of Genoa-based Premuda and RBD Armatori, Pillarstone is now hunting its the next target in Italy with market rumour pointing towards Gestioni Armatoriali.

Gestioni Armatoriali is a shipping company controlled by the Casadei and Bazzi families of Ravenna and is active in the liquid and dry sectors with a modern fleet of 9 dry bulkers and 3 tankers. Gestioni Armatoriali’s financial exposure with Monte Paschi Siena, Banco di Napoli, GE Capital, Banca Popolare di Novara (now Banco BPM) and Deutsche Bank exceeds €350m ($420m).