New offer received for bankrupt RBD Armatori
A foreign investment fund offered €270m for both the fleet and the real estate properties set to be auctioned soon
The auction sale of the shipping branch of the bankrupt Italian company RBD Armatori is likely not to take place on next Fabruary 22nd as it should. Some Italian sources revealed to Ship2Shore that a foreign investment fund called B&G (it’s still unclear whether this vehicle is linked to hedge fund Boussard&Gavaudan or to the private equity fund Reuben Brothers) sent to the liquidators an offer for purchasing all the assets owned by the company (both the fleet and other real estate properties) for a total amount of €270m.
The fleet, consisting of 13 vessels (6 aframax tankers, 3 capesize and 4 post-panamax bulk carriers), together with relevant seafarers, personnel ashore and other assets, resources and charter contracts, were set to be sold at auction on the next 22 February 2019 with a starting price of €167m. The hotel La Palma based in Capri was also set to be auctioned with a starting price of €35m.
According to VesselsValue.com RBD Armatori’s fleet current value today stands at €248m.
The local Court of Torre Annunziata (Naples) is now considering the offer received and will have to take a decision in the next few days whether accepting or reject the proposal.
Private equity funds have swooped for many Italian fleets in recent years including Giuseppe Bottiglieri Shipping Company, Premuda, Gestioni Armatoriali, Finaval, D’Alesio, Morfini, Perseveranza and some others. According to some statistics by the law firm Watson Farley & Wiliams in Italy $1.6bn of non-performing-loans have already been dismissed while further $1bn are currently on sale and expected to be sold.