Splash<\/em> yesterday<\/span><\/a> that the Lighthouse plan for GSBC was far better for creditors than what Bain Capital has proposed.<\/p>\nZagari\u2019s comments forced GBSC, which favours Bain Capital, to respond. The Italian line issued a release denouncing Zagari\u2019s comments as \u201cmisleading statements\u201d.<\/p>\n
GBSC has revealed Bain Capital has upped its initial cash offer from $120m to $205m.<\/p>\n
GBSC said Lighthouse\u2019s plan was unsuitable as it provided the creditors\u2019 repayment only after the sale of the vessels over a long time frame and, de facto, the liquidation of the vessels.<\/p>\n
The Bottiglieri family said they were now looking at taking court action against what they described as defamatory remarks made by Zagari.<\/p>\n","protected":false},"excerpt":{"rendered":"
The battle for control of debt laden Italian line Giuseppe Bottiglieri Shipping Company (GBSC) is getting more heated. Despite a court in Naples dismissing Lighthouse\u2019s latest restructuring plan for the line, an appeal has been lodged. Lighthouse \u2013 a vehicle jointly owned by Zagari controlled Augustea and Pappas controlled Oceanbulk \u2013 is in a tussle …<\/p>\n","protected":false},"author":3,"featured_media":83058,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ml_titleColor":"#000000","_ml_titleFont":"Roboto","_ml_titleFontSize":1.136,"_ml_titleFontWeight":"400","_ml_titleLineHeight":1.3,"_ml_metaColor":"#708090","_ml_metaFont":"Montserrat","_ml_metaFontSize":0.6785,"_ml_metaFontWeight":"400","_ml_metaLineHeight":0.92,"_ml_bodyColor":"#a9a9a9","_ml_bodyFont":"Open Sans","_ml_bodyFontSize":0.85,"_ml_bodyFontWeight":"400","_ml_bodyLineHeight":1.2,"_ml_wooPriceColor":"#666","_ml_wooPriceFont":"Open Sans","_ml_wooPriceFontSize":0.9,"_ml_wooPriceFontWeight":"400","_ml_wooPriceLineHeight":1.27,"_ml_headingColor":"#000","_ml_headingFont":"Merriweather","_ml_headingFontSize":2.02,"_ml_headingFontWeight":"700","_ml_headingLineHeight":1.47,"_mlglobal_userfontcolors":{"headingColorUser":[],"titleColorUser":[],"metaColorUser":[],"bodyColorUser":[],"wooPriceColorUser":[]},"_uag_custom_page_level_css":"","footnotes":""},"categories":[57,70,58],"tags":[103,109],"yoast_head":"\n
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