Moby and bondholders might reach an agreement
Despite rumours and denials, a settlement is possible, but it will not be easy
The judgment with which two weeks ago the Court of Milan rejected the bankruptcy petition filed against Moby by several investment funds holding the 300 million euro bond issued in 2016 by the group in Luxembourg will probably not be appealed against.
According to MF Dow Jones, several “financial sources involved in the transaction explained that the decision of the institutions involved – Cheyenne Capital, Soundpoint Capital and York Capital – depends on the dialogue established with the Italian shipping company, which is regarded as 'constructive'”.
Moby itself referred to the dialogue established with bondholders – though neither the funds nor the law firm DLA Piper which advised them made official statements about it – just before Ship2Shore – without being disproved – revealed Moby’s intention to prepare a debt restructuring plan pursuant to Article 182 of the bankruptcy law.
The possibility to use said procedure (which would both accept the suggestion of the Court of Milan and coincide with the waiver of the appeal by the funds) had been regarded as sure by the newspaper Il Messaggero, which identified Enrico Laghi as the accountant selected as advisor.
When the accountant, as confirmed by the Minister of Economic Development, revealed that he had just resigned from the Monitoring Committee of Tirrenia under extraordinary administration (which owns 180 million to the shipping group), Moby’s CEO Achille Onorato denied a possible arrangement and any appointment whatsoever. Two days after that, Il Messaggero – Laghi is the newspaper’s consultant and Francesco Gianni (Moby’s lawyer in the Milan dispute) is the Chairman of its Board of Directors – informed that “Laghi did not receive any appointment. He might be officially appointed as advisor soon”.
The newspaper Il Messaggero also referred to a supposed notice given by bondholders to the credit institutions which financed Moby in order not to grant the shipowner the derogation on the guarantee applied for to transfer its units Moby Aki and Moby Wonder to DFDS. The transaction – which, according to Il Messaggero, Moby is carrying out with the help of the law firm di Gianni – would imply, for the funds, “the involvement (of banks, ed.) in the depletion of assets”. The aforesaid notice was sent to the leader of the pool of banks as well as its security agent Unicredit. In fact, Laghi had to resign from Unicredit’s board of statutory auditors in May 2017, when he was appointed receiver of Alitalia.