Following the initial expressions of interest that emerged over recent weeks, The Italian Sea Group has formally launched a competitive process for the entry of new investors. All proposals will be collected through a single structured procedure under the supervision of the court-appointed commissioners
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A new scenario is emerging in the restructuring process involving The Italian Sea Group. SRI Global Limited, the holding company controlled by Giulio Gallazzi and owned together with Finvacchi, has submitted a non-binding expression of interest for the acquisition of the Group’s entire business
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News surrounding The Italian Sea Group continues to unfold at a rapid pace, day by day outlining the contours of a crisis that extends far beyond the fortunes of a single company. Over the past twenty-four hours, new corporate developments, movements in the company’s share price and the first expressions of interest in some of the group’s assets have emerged, while the path towards the restructuring plan expected by September is beginning to take shape
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The group’s founder breaks his silence following his resignation as Chairman and Chief Executive Officer: “The crisis stems from internal fraud, not from a strategic mistake.” He confirms the sale of the former Picchiotti shipyard, rules out the disposal of the group’s brands and assures: “I have absolutely no intention of selling the company”
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The resignations of Chairman and Chief Executive Officer Giovanni Costantino, together with those of director Gianmaria Costantino, have triggered the dissolution of The Italian Sea Group’s entire Board of Directors after the majority of shareholder-appointed directors ceased to hold office. The company will continue to operate under a prorogatio regime until a new board is appointed to lead the most delicate phase of its restructuring process
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