Mednav Group reviewed its agreements with banks in light of a new investment
A tanker with a deadweight capacity of 40,000 tons will soon be added to the Brullo family’s fleet
Mednav group renewed its agreement with banks to support its new business plan. The news was reported in a note of its legal advisors, revealing that “the Roman shipping group – specialized in the transport of chemicals, oil products and chemical and oil derivatives and belonging to the Brullo family – just signed an amending act to the financial agreements entered into in December 2013 with the related financing institutions. Said act aims at allowing the implementation of the investments in the existing fleet an in a new 40,000 DWT ship provided for in its new 2018-2022 business plan”.
Six years ago, several Italian (such as Intesa Sanpaolo, Unicredit, Monte Paschi Siena, Banco Popolare di Napoli, Popolare di Sondrio) and foreign banking institutions (including the German HSH) undertook to redefine the indebtedness reimbursement financial profile, amounting to a total of some 375 million euro (including the positions related to Tax Lease Schemes) through a significant restructuring and an extension of the related depreciation plans until the deadline of 2025, as well as to define several debt positions by common agreement.
The note referring to the Brullo family’s group also specified that “the amendments to the agreements entered into in 2013 will allow Mednav Group, following the achievement of the goals defined in the 2013-2017 restructuring Plan, to make new targeted investments to modernize and expand its fleet, thus confirming its leadership in the reference sector, and continuing the restructuring and development process started in the past years”.
In this transaction, the Roman shipping group was advised by Gitti and Partners, in the persons of its partner lawyer Angelo Gitti and senior associate lawyer Filippo Rota in his capacity as legal advisor, as well as by Zulli Tabanelli e Associati, in the persons of its partners Claudio Zulli and Gianfranco Montini and of the financial advisor Lorenzo Keller, supported by Dardani Studio Legale with regards to maritime law aspects, in the persons of its partner lawyers Murizio Dardani, Marco Manzone and Brian Dardani.
Italian financial institutions were advised by Latham & Watkins, in the persons of its partner lawyer Andrea Novarese and of its associate lawyer Francesco Giovanni Giuseppe Pirisi. Hamburg Commercial Bank was advised by Watson Farley & Williams, in the person of its partner lawyer Furio Samela.