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Pillarstone goes all in on RBD Armatori’s rescue plan

KKR-controlled turnaround fund Pillarstone has decided to go all in for RBD Armatori, the Naples-based shipping company whose non-performing loans are mostly in the hands of speculative investors, including Goldman Sachs and Deutsche Bank.

Sources have told Splash that Pillarstone has submitted to the current shareholders of RBD, the Rizzo Bottiglieri and De Carlini families, an offer for all the assets controlled by the company, including both its ships (six tankers and seven bulkers) and real estate properties.

The response from the shareholders was positive, and so the three members of the board appointed last July will present a new detailed restructuring plan based on the Pillarstone offer.

The deal looks very similar to the one seen with Premuda, the other Italian shipping company rescued a few months ago and today controlled by Pillarstone.

Pillarstone became the main shareholder of RBD in June when it purchased non-performing-loans from Intesa Sanpaolo and MPS totalling $638m, with RBD’s total financial exposure exceeding $1bn.

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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