Seven months after Reuben Brothers’ private equity fund presented an offer to buy out all the assets controlled by the bankrupt Italian shipping company RBD Armatori, it now emerges that Pillarstone Italy is likely to take part in the fleet carve-up as the initial bid did not meet creditor expectations.
Splash understands Pillarstone will take the Italian owner’s six aframax tankers, while Reuben will take all the dry bulk vessels and the prestigious hotel La Palma based in Capri.
Naples-based RBD Armatori was formally declared bankrupt at the start of 2018 with its fleet sell-sell-off proving a lengthy process with a number of failed auctions.
