The Italian Sea Group: Court launches Article 44 proceedings, aiming for business continuity

Just days after filing its application to access the proceedings under Article 44 of the Italian Crisis and Insolvency Code, The Italian Sea Group has reached the first formal milestone in its restructuring process. The Court of Florence has officially opened the proceedings, accelerating the judicial process and setting out the initial procedural steps.

According to the company—whose press release is available for download at the bottom of this page—the application was filed on 1 July. On 3 July, the Court appointed the judicial commissioners: Professor and Attorney Niccolò Abriani, Riccardo Forgheschi and Manuela Olastri, while also establishing the procedural framework for the next stages of the process.

The most significant aspect of the Court’s order concerns its preliminary assessment of TISG’s proposed restructuring plan. The Court noted that the company’s crisis resolution project is “coherently structured with a view to business continuity,” a finding that provides the basis upon which the proceedings will move forward. The order also grants the company sixty days, subject to extension where permitted, to file the final restructuring plan together with its formal proposal.

Meanwhile, the group’s industrial operations continue as normal. The company stated that business activities are proceeding in accordance with the rules governing the procedure and under the protection measures that have been in force since 1 July, providing substantially the same level of protection previously ensured under the negotiated crisis settlement process initiated in recent months.

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