Rizzo Bottiglieri De Carlini family, owner of Rbd Armatori shipping company, and Kkr‘s platform for turnaround of distressed companies Pillarstone Italy agreed on a plan to make Rdb to avoid bankruptcy.
Actually a bankruptcy procedure and sale of assests was feared some weeks ago after Pillarstone had bought 560 million euros of loans to Rbd from Italian banks and filed for bankrupcty procedure with the Torre Annunziata Court (where Rbd has its headquarter, close to Naples) (see here a previous post by BeBeez).
After the agreement between Rbd and Pillarstone, last Tuesday July 25th Torre Annunziata’s judge Mrs. Valentina Vitulano waived a 3 months’ time to the company to put forward a relaunch plan.
As part of the deal, Rizzo Bottiglieri De Carlini family agreed to step aside from manaing the company so the whole Board was dismissed while three new members were appointed who are independent specialists in the sector and in turnaround procedures, all University professors (Prof. Corrado Gatti, Prof. Enrico Laghi and Prof. Andrea Zoppini), who are now in charge of studying the plan to relaunch the company (see here Pillarstone’s press release).
