Genoa: Naples-based RBD Armatori has just submitted a final restructuring plan due to be voted by creditors on November 5, Splash can exclusively reveal.
The Italian shipping company pursued article 160 and 186 bis procedures under domestic Bankruptcy law and also obtained a Chapter 15 protection from the Federal Court in Houston in order to protect its assets in USA. The essence of the plan is as follows: mortgage holders will be refunded with the present value of the financed asset, “strategic” unsecured creditors will be 100% refunded, while “non strategic ones” will only receive a partial (5%) refund.
RBD Armatori currently owns 16 ships (10 bulk carriers and 6 tankers) and operates via bareboat charter the flagship Cavaliere Grazia Bottiglieri, indirectly controlled by the holding company Luxdynamic SA, based in Luxembourg.
In 2014 the Italian shipping company’s losses soared to $462.2m, with financial debts to banks of $931.4m and debts to suppliers at $33m. Monte Paschi Siena, Intesa Sanpaolo and Goldman Sachs jointly control some 80% of RBD’s total financial exposure. DNB Nor was also involed in the financing of Cavaliere Grazia Bottiglieri, delivered in 2010.
The company’s 2015-2030 restructuring plan foresees the sale of some real estate such as the Hotel Le Palme in Capri, the Torre del Greco headquarters of Villa Olivella, and some other apartments in Naples. Regarding the fleet, there is no plan to sell any of the ships with the exception of a very interesting offer for some dry bulk assets.
The restructuring plan also gives notice of a cancellation with Mitsubishi Corporation regarding two kamsarmax bulk carriers (Lucia Bottiglieri and Peppe Rizzo) which were operated on charter, with options to purchase the vessels.