Moby to opt for a procedure pursuant to Article182 bis of the bankruptcy law
Following the judge’s rejection of the bankruptcy petition, the company seems to be willing to accept the suggestion of the Court of Milan
Instead of the voluntary arrangement (denied by managing director Achille Onorato) and of the bankruptcy (as determined by the Court of Milan), Moby will opt for a debt restructuring agreement pursuant to Article 182 bis of the bankruptcy law. According to Ship2Shore’s sources, this is the solution that Moby is focusing on to avoid aggressive actions on the part of its creditors such as the one (bankruptcy petition) initiated by fourteen investment funds which accused the debtor company of prospective insolvency. Therefore, Enrico Laghi – who will soon be appointed by Moby – will probably focus on the necessary report about the company’s health, to be drawn up in order to submit a debt restructuring agreement to be shared with credit institutions and shareholders.
The confrontation with banks has been going on for a while, while the dialogue with bondholders just started. “Moby and its bondholders started a dialogue”, the group belonging to the Onorato family recently declared. “The shipping company and the funds launched a round table to implement the company’s business plan, guaranteeing the rights of both bondholders and the company, which is still fully operational and is carrying out the renewal and investments provided for by its business plan, also in light of the positive figures recorded in the past six months”.
This solution (debt restructuring pursuant to Article 182 bis) would follow the suggestion of the Judge of the Court of Milan Alida Paluchowski who, in the judgement rejecting the bankruptcy petition filed by bondholder funds, wrote that Moby “needs monitoring, as well as implementing instruments to overcome a crisis which could become very serious. Operating margins resulting from the company’s core business tend to decrease steadily and, being unable to increase tariffs, the company sold some of its best vessels”.