Pillarstone has revealed to Splash that it has just purchased from Intesa Sanpaolo and Unicredit several non-performing loans related to five shipping companies in Italy, and is now ready to launch its first shipping investment platform focusing on distressed assets.
This project has been named F.I.NAV by Pillarstone, and the initial NPLs taken relates to more than a dozen of tanker and dry bulk carriers worth some $350m. This sum is expected to increase significantly in the near future.
The five shipping companies thought to be indirectly involved in the deal are Perseveranza di Navigazione, Elbana di Navigazione, Morfini, Finaval and Motia Compagnia di Navigazione.
The long-term view of the KKR-sponsored platform is to make a shipping giant able to restructure financially distressed positions, creating operative and commercial synergies with Premuda, the Genoa-based shipping company lead by Marco Fiori (pictured) and 100% controlled by Pillarstone.
Banca Ifis will also support this new project with a liquidity injection if required.
A few weeks ago, Dea Capital Alternative Funds also announced its debut in the Italian shipping business with a new branch specifically dedicated to the shipowning business.