Already registered? Download PDF LOGIN or SIGN UP
Editor in chief: Angelo Scorza
04/11/19 10:09

Moby to sue Unicredit

Onorato will initiate a proceeding against the bank for not having released the ships from the mortgages on time to allow their transfer to DFDS

Vincenzo Onorato

Moby and Unicredit are in all-out war.

When DFDS announced its intention to cancel the contract providing for the swap of two ferries with Moby, the group headed by the Onorato family issued a press release announcing that it will initiate “a proceeding against Unicredit Spa to obtain a compensation for the serious damages caused by the latter”.

The Milan-based ferry company declared that “the Danish shipping company DFDS notified the termination of the purchase agreements related to the ships Moby Wonder and Moby Aki, as well as to the disposal of the vessels King Seaways and Princess Seaways. The contracts should have been performed with the delivery of the ships within the second half of October 2019”.

According to Moby, “the termination is ascribable to Unicredit S.p.A. which, in its capacity as Security Agent, did not consent to the release of the mortgages encumbering the units Moby Aki and Moby Wonder in favour of the entire guaranteed debt, despite the fact that it was contractually required to do so. This is incredible and inexcusable because Moby already required the consent to the cancellation of the mortgages in September the 20th 2019 and, so far, Unicredit did not even reply officially, rather it only waited for the expiration of the delivery dates”.

In fact, Unicredit acts as security agent on behalf of the pool of credit institutions (including also MPS, Banco BPM, UBI and Intesa Sanpaolo) which in 2016 granted Moby a 200 million euro loan, plus another 60 million revolving credit expiring in 2021. Simultaneously, the 560 million euro refinancing operation concluded by Moby in 2016 provided for the issuance of a 300 million euro senior secured bond designed for international financial investors expiring in 2023 and with a 7.75 coupon.



TAG : Finance