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04 August 2021 The on-line newspaper devoted to the world of transports 18:30 GMT+2

June 30, 2020

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Original news
Moby and CIN will file for admission to the procedure of agreed quote

Assembly postponed for approval of 2019 budget

The boards of directors of Moby and CIN (Company Italian Navigation) have decided to file an application for a admission to the pre-emptive agreement procedure under the terms of the Article 161 sixth paragraph of the Bankruptcy Act for both companies. In a note, the shipping company Moby specified that this decision is intended to allow companies to continue negotiations with their creditors for the agreement to be agreed under the supervision and protection of the Milan court, to safeguard business continuity and ensure normal operation maritime services for customers, employees and industries Related.

In fact - continues the note - the Moby group trusts to reach, in the statutory terms, an agreement with the fair, shared and able to meet creditors ensure that companies can exceed their current difficulties and continue the relaunch of the group in the interest stakeholders. This path - points out Moby - will be based on a situation of the group presenting economic fundamentals, as demonstrated by the trend largely positive recorded last year.

The company - the note states - is also in the position best to seize the opportunities that are emerging with resumption of travel and has already put in place all the measures necessary to continue to grow. Opportunities include strengthening all connections, and in particular those to and from Sardinia, which reach a total of 166 early reopening of the season for Corsica and partnership agreements to broaden the supply to the EU Sicily. Therefore - Moby points out - the activities of the group and traveller services will not be affected compared to the path taken and, in fact, will be guaranteed by the procedure, which is the main objective of safeguarding business continuity in the interests of customers, suppliers and employees.

The development plan, prepared with the assistance of consultants PricewaterhouseCoopers Advisory SpA and Gianni, Origoni, Grippo, Hats & Partners - explains Moby's note - It also plans to consolidate a balance in a short time economic and will be presented in the coming days to the creditors, with whom a dialogue has been broken Constructive.

In light of recent developments and the impending filings Section 161 sixth paragraph of the Bankruptcy Act - concludes the note - today's shareholders' meeting (yesterday, ed.) will not be summoned to approve the financial results for year ended December 31, 2019.

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