Pillarstone takes control of Premuda, hunts new investments

Pillarstone takes control of Premuda, hunts new investments

Following the extraordinary shareholders’ meeting held yesterday in Milan, Genoa-based Premuda has now passed under the control of Pillarstone Italy. The KKR-controlled turnaround fund will proceed with a €7.5m ($8m) capital increase, deemed necessary since its financial situation at the end of last year was with a negative equity of €90.4m ($96.5m).

Premuda’s shareholders’ meeting also approved the proposal for issuing equity financial instruments to the banks which accepted the debt restructuring plan proposed which requires a “strong sacrifice” from its lenders. Pillarstone became the largest creditor of the group having acquired the positions of the three main banks Unicredit, Intesa and Carige in April last year. At the end of February 2017 the company’s financial exposure soared to €336m ($358m).

As of today the Italian owner has a fleet of 15 units made up of 11 dry bulk carriers and four tankers.

Premuda’s top management remains as it was with Stefano Rosina as CEO and Marco Tassara as managing director. Rosina told Splash: “In the future we will not only manage the day to day business but the company will be involved in some ambitious plan with new investments.”

 

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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