Hong Kong-based international finance group SC Lowy has just closed its largest Italian shipping debt transaction, acquiring a portfolio of loans from Banca Monte dei Paschi di Siena (MPS).
The transaction involves several non-performing shipping loans with a total gross book value of $160m and related to defaulted shipping debt comprised dry bulk shipping, crude oil carriers and an offshore support vessel.
Sources revealed to Splash that the loans include deals with Finaval, Four Jolly (joint venture between Premuda and Messina Group), Perseveranza di Navigazione, Fratelli D’Amato, Fertilia and Liberty di Navigazione.
Michel Lowy, CEO of SC Lowy, commented: “This is a significant milestone deal for SC Lowy and underscores the value of our recent expansion in Italy.
“The combination of extensive network and relationships in Italy, together with the wealth of shipping sector experience at SC Lowy Milan, enabled a highly complex transaction to be speedily executed, while also gaining the trust of multiple stakeholders.”
SC Lowy has led a number of groundbreaking debt transactions in the shipping sector in recent years, including Korea Line Corporation (KLC) and Pan Ocean.