The verdict on Moby’s bankruptcy was postponed
The Court of Milan will evaluate the appeal submitted by the bondholders investment fund in more detail
The Court of Milan did not issue its judgement about the bankruptcy petition against Moby submitted by several investment funds which subscribed the 300 million euro bond issued in 2016 in Luxembourg by Vincenzo Onorato’s group.
According to Ship2Shore’s sources, after two hours in the Judges’ chamber, the Judged reserved its decision. After the appointment of the expert witness Ignazio Arcuri ordered by the law firm DLA Piper – defending the claimant funds – the Court might also appoint it own expert.
The funds allege a prospective bankruptcy, focusing in particular on the disposal of vessels, especially the recent sales to DFDS: capital gains will favour the reimbursement to banking institutions, though depreciating the patrimonial guarantees covering the bond to be repaid in 2023.
The funds also focused on the considerable cash flows recorded by CIN to Moby in 2018 (distribution of 38 million euro profits earned in the previous financial years and 47 million of extraordinary reserves), although CIN closed the financial year recording over 23 million euro losses. According to the funds, the possible default will be caused also by the advance payments for charters – ordered by CIN, through Moby – to F.lli Onorato Srl, which is the owner of the two ships ordered in Germany (delivered in October 2018 and March 2019 respectively) and which was not involved in the bond.