For the time being Moby-CIN merger has been cancelled
Onorato's group confirms that Tirrenia, into receivership, stood up against the reverse merger. Milan Tribunal's verdict will sort out the affair
At least for the moment, Moby's reverse merger in CIN (Compagnia Italiana di Navigazione) won't be sealed.
The group controlled by Vincenzo Onorato confirmed that, as already anticipated by Ship2Shore last December 3rd, Tirrenia's commissioners lodged an appeal to court standing up against the reverse merger.
“Pursuant to the Civil Code, lenders can formally stand up against the merger within 60 days from publication and an appeal against Moby's reverse merger in CIN was submitted by Tirrenia di Navigazione's's Commissioners”.
The blue whale's group also adds that “Moby and CIN believe that Tirrenia under Receivership has no compelling grounds to halt the merger, which does not prejudice lenders.
Considering the above evidence, the two companies definitely trust whatever decision the tribunal will make to support the reverse merger. Final verdict will be issued by 2019 first semester”.
As reported by Moby last week, the merger will be essentially postponed until Milan tribunal will make final decision.