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.