Liberty Lines confirms negotiations with Marnavi are ongoing
The company also gives an explanation about MIT subsidies to SNS granted to operate ex Siremar lines
Latest rumours reported few days ago by Ship2Shore about Liberty Lines takeover negotiations with Marnavi, have been finally confirmed by the company.
Ex Ustica Lines – managed by a Judicial commissioner since last March 5th – published a statement which confirmed they are operating at full steam, although abiding by judicial restrictions, illustrating preliminary steps of the negotiation with the group helmed Domenico Ievoli, which started early in June by submitting a show of interest and an application for due diligence.
The aforementioned application was authorized by Palermo GIP on June 20th shortly after they had strengthened Judicial Commissioner's power also envisaging supervision on takeover negotiations.
Any transaction will come after the due diligence will be completed (for the time being, it hasn't started yet) and will have to evaluated by the Commissioner.
Liberty Lines also mentioned the subject already mentioned by S2S, regarding the cancellation, determined by MIT, to allocate subsidies to SNS for operating ex Siremar lines.
“There's definitely a substantial delay in the first payment for year 2018, actually due by the end of March. This delay exclusively ensued from the investigation on Liberty Lines' managers, in between February and March. Nevertheless the first instalment is being settled”, reports Ustica Lines, adding that, as from May 2017 (when the fraud investigation started), the company's management “tackled and overcame financial, technical and other serious problems”, encompassing the concession on the area hosting the company's shipyard, without having affected nor delayed performance”.