Greek shipping group Oceanbulk and Naples-based Augustea Holding, owned by the Zagari family, had a nasty surprise at Bain Capital as they delivered a competitor proposal to the Naples Court aiming at conquering control of Giuseppe Bottiglieri Shipping Company, which was admitted to a bankruptcy procedure one year ago in order to find a debt restructuring agreement with banks and other lenders and creditors (see here a previous post by BeBeez).
Il Messaggero wrote yesterday that OceanBulk and Augustea, advised by financial advisor Leonardo & Co and Molinari law firm, have jointly signed (through a newco named Lighthouse) an agreement already with some lending banks aimed at buying part of their credits.
On the other side, when deadline from the Court was expiring, Bain Capital (through its own newco Punta Carena), advised by Mediobanca and in agreement with the Bottiglieri family, presented a restructuring plan to be submitted both to lenders and the Court (see here a previous post by BeBeez). So lenders and other creditors are due to vote on both the plans next February 8th.
Bain Capital is said is willing to pay 120 million euro for buying the whole company banking debt or 419 million euros GBV, the most exposed banks being Unicredit , Bper , Mps , Mps Capital Service, Banco di Napoli (Intesa Sanpaolo ) and Ubi, with also Unicredit Luxembourg and Bnl BnpParibas having some exposure.
As for Lighthouse, it is said it is willing to take on 250 million euros of secured debts and trasnform the remaining debts in equity financial instruments to be assigned to the lending banks. An agreement in this direction is said to have been already reached with Mps, Unicredit, Intesa Sanpaolo and Bnp Paribas.
Giuseppe Bottiglieri’s fleet is actually made by 15 ships which in the FY 2016 statements were valued about 200 million euros. The company posted a 31 million euros net loss that year after 64 millions in revenues and 416 million euros in gross debt, while in 2015 had posted 272 million euros in net losses after 91.5 millions in revenues. 91,5 milioni.