RBD Armatori’s shipping branch remained unsold
Pillarstone Italy’s offer for 7 ships was rejected by the creditors and no offers were submitted by other bidders before the auction
The first attempt by the Court of Torre Annunziata (Naples) to sell at auction RBD Armatori’s fleet of 13 ships was unsuccessful as nobody submitted any offer.
Neither Pillarstone Italy nor Star Bulk Carriers, even if some sources revealed that Pappas’ Italian partner Augustea Atlantica inspected all the fleet and was interested at purchasing the assets at a lower value.
The starting price for RBD’s shipping arm including 3 capesize, 4 post-panamax bulkers and 6 aframax tankers with existing company personnel ashore and onshore was $200m.
The KKR-controlled turnaround fund Pillarstone, which is also the main creditor of the shipping company declared bankrupt earlier this year, tried to submit an offer of $185m for taking 7 ships but creditors and administrators said ‘no thanks’.
The Court of Torre Annunziata is likely to proceed now with another sale at auction to be launched in the coming months at a lower starting price.