Battle between Bain Capital Credit, on one side, and Greek shipping group Oceanbulk and Naples-based Augustea Holding, owned by the Zagari family, on the other side, for control of Giuseppe Bottiglieri Shipping Company came to an end.
Actually the shipping company 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). And a few days ago the Naples Court said that offer by Bain Capital is the only one admitted to be voted by creditors.
Last July 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). Bain Capital was then willing to pay 120 million dollars 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.
On the other side in mid- January Oceanbulk and Augustea (through thei joint newco Lighthouse Ltd) delivered a competitor proposal to the Naples Court aiming at conquering control of Giuseppe Bottiglieri Shipping Company. Lighthouse was said it was willing to take on 250 million euros of secured debts and trasform the remaining debts in equity financial instruments to be assigned to the lending banks (see here a previous post by BeBeez).
In the last few days however Bain Capital raised its offer to lending banks from 120 to 205 million euros as Giuseppe Bottiglieri Shipping Company stated yesterday in a press release, adding that “creditors are to vote by 20 days starting from the day of their meeting (which was Feb 7th, editor’s note) on the only offer that the Court said it was admittable, which is the one presented by Giuseppe Bottiglieri Shipping Company thanks to the support of Bain capital Credit which was ready to inject cash for 120 million dollars at first”. Then the company note adds that “on Feb 6th the company deposited a new offer thanks to a more significant support from Bain Capital Credit which is now ready to raise its offer to the banks from 120 to 205 million dollars”.