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27 September 2020 The on-line newspaper devoted to the world of transports 10:16 GMT+2

September 10, 2020

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The agreement between Carige, AMCO, Marinvest and the group has been perfected Messina

Definitively, AMCO's transfer of claims against Messina for a total of 324.3 million euros

Carige Bank and asset management company AMCO, together with the Marinvest of the Swiss shipping group Mediterranean Shipping Company (MSC) and the owner and terminal company Genoa's Ignazio Messina & Co., announced that Messina Group's recovery arrangements. The 21 December 2018, in fact, the Genoa company together with Ro-Ro Italy, special purpose vehicle formed in those days to the merger consisting of the acquisition from part of Marinvest of the joint control of Ignazio Messina & Co. and Ro-Ro Italia acquire equal equity 49% and 52% respectively, had signed an agreement to debt restructuring with a group of nine banks headed from Banca Carige ( 21 December 2018).

The parties specified that the refinement of these recovery agreements was the necessary condition so that Banca Carige could finally give up a claims against the Messina Group at AMCO total gross book value as of June 30, 324.3 million euros. The newco Ro-Ro Italia Spa Carige's remaining exposure to the Messina Group and made up of naval mortgages.

"This divestment - commented the CEO Banca Carige, Francesco Guido - is part of the most Overall Carige's overall derisking operation that, together with 2019 capital increase from EUR 700 million and the issuance of T2 subordinated loan of 200 million euros, constitutes an integral part of the asset strengthening operation Bank. The deconsolidation of claims against the group Messina - explained Guido - will allow the Bank to achieved gross NPE ratio levels of 5.5% and net ratio of 2.9% significantly better than the average Italian figure and European average figure. The operation also confirms Bank's firm will to maintain a role active support to the fabric and, in particular, the shipping sector crucial to the Ligurian economy.'

PSA Genova Pra'
Autorità di Sistema Portuale Mar Ligure Orientale

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