EuropeFinance and Insurance

RBD Armatori’s rescue plan rejected by creditors

Creditors of Naples-based shipowner RBD Armatori have rejected the latest version of the rescue plan prepared by its legal and financial advisors. In particular due to abstention from the vote of MPS and Intesa Sanpaolo (two of the banks most exposed with the company) the plan did not pass thus making possible three options, according to the court handling the owner’s plight – namely bankruptcy, outside administration or a new restructuring plan.

The company’s financial exposure with its banks has exceeded $700m while the overall financial exposure of the company is over $1bn. Upon the decision taken by the creditors RBD Armatori promptly commented to Splash that “the company is in bonis and our shipping business is going on as usual. We will make all possible efforts to preserve the business”.

Recently RBD Armatori sold four bulk carriers leaving the fleet operating with 14 vessels, made up of six tankers and eight dry bulk carriers.

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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