Tirrenia’s receivers against CIN also for the unpaid instalment
Onorato company’s ships, assets and subsidy might be sized due to its failure to pay 55 million euro in 2016
It is all-out war for Tirrenia’s bad company and Onorato Group’s CIN.
Following the opposition to the Moby-CIN merger, according to the eleventh six-monthly report (first half of 2018) submitted by the receivers of Tirrenia’s extraordinary administration (the bad company managed by the Italian government after its privatization in 2012 in order to repay the former national company’s 700 million euro debts) there is a further dispute.
As revealed by Ship2Shore, at the end of 2017 the receivers tried to reach an agreement with CIN for the payment of the first instalment (55 million euro), which the Onorato Group’s company should have paid in April 2016 as initial balance of the 180 still due for the take-over of the shipping company. In fact, at the due date, CIN refused to pay objecting to a clause of the assignment contract based on the non-conclusion of the proceedings initiated by the European Commission for the State aids granted to Tirrenia before and after its privatization.
However, the conciliation procedure failed. In fact, CIN was initially “available to reach a joint agreement about the failure to pay the first instalment”, which consisted in the “possible establishment of an escrow fund as a guarantee for the amount due” with the lead bank of the pool of lending banks.
Since Onorato’s company did not follow-up on this solution, in March 2018 the extraordinary administration appointed Enrico Gabrielli and Salvatore Patti (also during the six months in question the expenditure for consultancy services amounted to 300,000 euro) to prosecute CIN “for the protection and guarantee of the receivable from said company”. The report pointed out that “on September the 21st 2018 a judgement was filed against CIN for preventive seizure”.
As far as Ship2Shore knows, the order has not been issued yet, but the request concerns all CIN’s assets, from its ships (although mortgaged in favour of Onorato Group’s private creditors) to its public subsidy. Being confident about this legal action, receivers set the collection of the other 2 instalments for Tirrenia at the expected dates (April 2019 and April 2021). This confirms the disagreements between the extraordinary administration controlled by the Ministry of Economic Development and Onorato’s CIN, who recently had a dispute also with the Ministry of Transports.
As for the rest of the report, no judgement was reached for the lawsuits filed in 2013 by the bad company against the Ministry of Transports, which was sued for the “payment of the compensations due with regards to the disposal of the naval units withdrawn from service in advance” (180 million euro). Finally, as concerns the lawsuit against Franco Pecorini and the other former directors of the group (over 240 million euro), the judge reserved its decision.
Since the aforesaid figures were not recorded in the bad company’s six-monthly accounting records, the former national company’s creditors will probably have to wait for the next report in order to find out whether they can count on said amounts, or parts of them.