Pillarstone Italy, a turnaround fund created by private equity giant KKR, is now officially the largest creditor of Genoa-based shipping company Premuda.
“Following our previous press releases, Premuda Spa informs that the three institutions most exposed towards our Group (Banca Carige, Unicredit and Gruppo Intesa Sanpaolo) have completed the expected sale of their outstanding loans/credits with the Group to Pillarstone Italy SPV Srl” said a note from the shipping firm.
The KKR controlled vehicle now controls more than 50% of Premuda and from now on will take part in the negotiations of its debt restructuring plan with the other lenders including BNL, BNP Paribas, Commerzbank, Monte dei Paschi di Siena, Banco Popolare, ABN Amro, Emro, Emro Finance and Banca Popolare di Milano.
For the full year 2015 Premuda posted a €88.9m ($100.3m) net loss.
Two weeks ago Splash revealed that Pillarstone plans for Premuda to become an international shipping platform taking on distressed assets.