Fight between shareholders and Pillarstone pushes away RBD Armatori rescue plan
Now the court of Torre Annunziata will have to decide either bankruptcy or extraordinary administration procedure for large companies
Naples-headquartered RBD-Armatori is seeing the opportunity to present its third rescue plan moving away since shareholders of the shipping firm (Rizzo Bottiglieri De Carlini families) and the main creditor (Pillarstone Italy) did not found a shared position necessary for asking the court of Torre Annunziata a third chance to save the company under the ‘concordato preventivo’ procedure of the Italian bankruptcy law.
Even if the shareholders few weeks ago formally accepted the offer coming for Pillarstone to buy all the asset of the company (ships and real estate properties), the former CEO Giuseppe Mauro Rizzo stressed the fact that Pillarstone filed for bankruptcy RBD Armatori and he asked further guarantees for the company to remain based in Torre del Greco (Naples) and for the workforce to be preserved.
Some sources said familiar with the matter that the KKR-controlled investment fund was instead upset and disappointed by the request coming from the shareholders to take the board members from three, as is today, to seven thus regaining control of the company left in the hands of the three independent managers Corrado Gatti, Andrea Zoppini and Enrico Laghi last July. As of today the board of directors is still composed of three members however.
Given the current situation and the disagreements still existing between the counterparts controlling RBD Armatori, the three managers appointed last summer communicated this week to the judges of the local court in Torre Annunziata that there aren’t the requisite conditions to elaborate a restructuring plan shared both by the creditors and the shareholders.
Therefore any decision has now passed on to the court which has two options: bankruptcy or extraordinary administration procedure for large companies.