Business · Companies · 5 hrs ago
Italian Sea Group faces competing bids as court hearing approaches
Italian Sea Group shares have been suspended since 3 November as the company seeks a way to address its financial crisis.
The Italian shipbuilder has asked a court in Florence to approve a restructuring plan that would allow business to continue under new ownership.
The company’s board selected Sri Global’s €220 million offer as the starting bid; Sri Global is controlled by investors Giulio Gallazzi and Bernardo Vacchi.
Azimut-Benetti is the other remaining bidder, among five groups that initially showed interest, and may revise its offer to include a Turkish shipyard and an Umbrian woodworking business.
A court hearing is scheduled for 11 November and is expected to open a bidding phase, with offers handled by the court in front of a notary.
Bids must exceed the best offer by at least 2.5%, or €5.5 million, and Sri Global has also committed an additional €40 million.
Italian Sea Group remains suspended from trading after its board selected a €220 million offer from Sri Global Limited as the starting bid.
The company has filed for a preventive arrangement with creditors with indirect continuity at the Florence court.
A hearing is scheduled for 11 November, and press reports say it may begin a bidding phase on 16 November.
Sri Global and the Azimut-Benetti group are reportedly the only two remaining bidders from an initial five.
Sri has committed to add €40 million, while Azimut-Benetti could revise its offer to include a Turkish shipyard and the Umbrian woodworking company Celi.
- Who
- Italian Sea Group, with Sri Global Limited and Azimut-Benetti as reported remaining bidders.
- What
- The company faces competing bids as it seeks a preventive arrangement with creditors.
- When
- The hearing is scheduled for 11 November; bidding may begin on 16 November.
- Where
- The hearing is at the Florence court.
- Why
- The company filed a plan to regulate its financial crisis and continue operations indirectly.
Sri Global Limited
Azimut-Benetti
Bid
Sri Global Limited
Sri’s binding offer of €220 million was selected as the starting bid, and it has committed to add €40 million.
Azimut-Benetti
The group could adjust its offer, potentially including a Turkish shipyard and Celi.
Italian Sea Group was suspended from trading.
ANSA reported that the company remained suspended and that a Florence court hearing was scheduled.
The court hearing is scheduled to take place.
A bidding phase is expected to begin, according to press reports.
- Starting bid
- €220 million
- Sri additional commitment
- €40 million
- Remaining bidders
- Sri Global Limited and Azimut-Benetti
- Initial bidders
- 5
- Minimum bid increase
- 2.5%, or €5.5 million
- Company suspension
- Since 3 November