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Pillarstone set to become main shareholder of Premuda

The KKR-controlled turnaround fund Pillarstone Italy is about to become the majority shareholder of the Genoa-based Premuda.

Last summer, the investment vehicle became the largest creditor of the shipping firm after purchasing non-performing loans previously owned by Unicredit, Intesa Sanpaolo and Banca Carige. It will now convert the debt into equity.

Premuda said in a statement that a new debt restructuring proposal has been prepared and requires strong sacrifices from all lenders in order to secure the financial position of the group in such a tough market.

The Genoa-based firm added that “a share capital increase reserved to Pillarstone (with possible effect in Premuda delisting) is a forecasted scenario considered in the current negotiations”.

Jens Martin Jensen, formerly John Fredriksen’s right hand man, was appointed a partner at Pillarstone earlier last month in a bid to speed up and expand the scope of the KKR subsidiary’s European shipping acquisitions.

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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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