Honored asks for Draghi's intervention at Minister Giorgetti to save the Moby



Vincenzo Honored, founder of the Moby Group, wrote a letter to the Chairman of the Council of Ministers, Mario Draghi, which we publish below, in which it sums up the state of difficulty in which the group pays, which operates primarily with brands Moby and Tirrenia / Italian Company of Navigation, and presents the premier with his own complaints to the Minister of Economic Development, Giancarlo Giorgetti, who in his view would not have put in place the conditions for the group to be able to reach an agreement with the creditors, achieve an understanding that the Tribunal of Milan has established will have to take place by March 31.

The Moby's founder has called for an intervention with Minister Giorgetti and, in the letter, "who else you will consider appropriate for the purpose of reaching the definition of an agreement that would allow the payment of the agreement". creditors in the terms described above and the safeguarding of this entrepreneurial reality and its 6,000 employees. "

HONORED SHIPOWNERS

Milan, February 21, 2022

Illustrious President of the Council of Ministers

Mario Draghi

E-mail :

And for cc :

Illustre Undersecretary of the Presidency

of the Council of the Minister

Roberto Garofoli

E-mail :

Illustrious Minister of Economic Development Honourable

Giancarlo Giorgetti

e-mail :

Illustrious Minister of Labour

Andrea Orlando

E-mail :

Illustrious Doctor. Matteo Bianchi

Technical Secretariat Minister of Labour

E-mail :

Illustrious President,

I write to you as a founder and sole shareholder of the Honorary Group of which they are a member-in addition to other Companies-Moby S.p.A. ( Moby ) and the Italian Company of Navigating S.p.A. ( CIN ) which, with 48 ships, operate the passenger and cargo transport service from the continent for Sardinia, Sicily, Corsica, Toscano Archipelago and vice versa.

The Group, to date :

-annoes about 6,000 employees, all of them Italian ;

-generates a direct annual turnover of € 439 mln euros approximately ;

-thanks to the passengers carried, it generates 12% percent of the GDP of Sardinia ;

-transports about 4.4 mln passengers per year ;

-carries around 5.0 mln car lines of motor vehicles and heavy goods vehicles per year.

The Group is burdened by a debt situation with respect to financial creditors for approximately € 640 mln beyond interest, divided into :

a. € 160 mln beyond interest in respect of a pool of banks ( Banks ) ;

b. € 300 mln beyond interest in the holders of a bond loan ( Bondholders ) ;

c. € 180 mln against Tirrenia in the Straordinary Administration ( Tirrenia ) in the title of the balance price of the divestment from Tirrenia to CIN of a company branch of the first, which took place in 2012.

In particular, the credits of Banche and Bondholders (for a total of 480 mln plus interest) are against Moby's, guaranteed by CIN (up to € 77) and by mortgages on all ships of Moby and CIN , while the credit of Tirrenia, which being in the Straordinary Administration is controlled from the MISE , is against CIN alone and is chirography .

Moby and CIN ( Company ), since 06/30/2020, they have been admitted by the Milan Tribunal to two separate Preventive Procedures procedures in continuity ( Procedures ) in the course of which the Companies have reached an agreement with the Banche and a large group of Bondholders, or with the main financial creditors, who have signed paraagredatory agreements already deposited in the Proceeds of Procedure.

In addition, on 01/19/2022 the two Companies deposited in their respective procedures the Concordatory Pians and the relevant offers (overall Offer) which in summary provide for :

the payment in favour of Banche and Bondholders ( Mortgage Creditors ) of a percentage of their credit equal to approximately 54.9%

the payment in favour of Tirrenia ( currently Creditor Chirographary ) of € 144 mln, or of the 80% of the credit, with the following modes :
(i) € 23 mln to the Concord counterpart ;
(ii) € 10 mln within 2023 ;
(111) € 10 mln by 2024 ;
(iv) € 101 mln within 2025
The three dilazed payments, for a total of € 121 mln, are guaranteed by Mortgage of Primo Grado enrolled on four ships of the CIN (of course of absolutely capient value), after renunciation of Banks and Bondholders to the mortgages currently enrolled in their favour on said vessels, renunciation predicted by the paraagredatory pacts already signed by the same ;

the payment in favour of the additional chirographer creditors (commercial suppliers) of 30% of their credit.

I dare to point out the following circumstances :

in view of the above, the credit of Tirrenia, today chirographary, would become mortgage ;

the remaining chirograph creditors (having therefore a similar position to that of Tirrenia) are satisfied by payment of 30% of their credit (at the forefront of 80% paid to Tirrenia) ;

the Attestator of the two Concordatar Plans claimed that the offer conforms to the principle of best satisfaction of creditors "In the scenario of the Straordinary Administration, which would materialise in the event of a failure to accept the Offer, the creditors would derive much smaller percentages of their credit than those offered," the company said in a statement. In particular, Tirrenia would obtain a stagnation of its own credit of not more than 18-20% (compared with 80% expected by the Offering) ;

in May 2021 Tirrenia had already accepted the Offer described above, but the formalization of the agreement did not take place because, a few hours after the meeting set for the same, Minister Giancarlo Giorgetti was requested to enter into the contractual text of two unacceptable clauses because they are contrary to regulatory provisions and which, as such, would have made the Plan of Restructuring unattestable, as immediately (and inevitably) communicated to the Tribunal in Milan by the Attestator (clauses the of which content is now exceeded because it is relevant to the set hypothesis of restructuring ex art. 182 bis L.F., whereas today it is covered by concordational assumptions) ;

the crediting ceto of Tirrenia, which would be intended for payment by the Honorary Group and in whose interest the management and control organs of Tirrenia should act, is set up in very large part by the same creditor banks. of the Honorable Group, which, as mentioned above, have already lent their consent to the Offering through the underwriting of the paraagreement pact ;

on numerous occasions, both the Moby and CIN-based managing bodies and the Trade Union Organisations have asked Minister Giorgetti the opening of a comparison table to facilitate the achievement of an agreement between the Honorary Group and Tirrenia, but, surprisingly, Minister Giorgetti has never provided them with any feedback ;

the Honorary Group has started a process of restructuring and efficiencies since 2020, which also allowed the Covid crisis period to be overcome and the budget goals set by the managerial bodies, by a majority, to be achieved. independent, of which Moby and CIN have been gifted ;

the Court of Milan, with a number of steps rendered within the scope of the procedures, indicated the date of 03/31/2022 as the final deadline for the achievement of the agreement between the Honorary Group and Tirrenia which, therefore, is necessary to materiates in the very short term.

This despite, Tirrenia ( rectius : MISE ) persevere in maintaining a behaviour of absolute disinterest in the composing of the affair and, with blatantly dilatory demeanor, finds, always with extreme delay, CIN's communications, constantly limiting itself to request further clarifications, punctually provided, or generic enhancements of the Offer (on the subject of guarantee of the dividend portion of the payment) that cannot be agreed because, as perfectly known in Tirrenia / MISE, there is no possibility, dodging 1 Offer also contemplated the positions of other creditors, which are also mortgages. Other forms of guarantee, such as a bank fidejussion, as you well know, are precluded, otherwise the Companies would not be in the procedure of prior arrangement.

I really find it difficult to understand how it is possible that the MISE, contrary to what is done for other entrepreneurial realities of the Nation, does not, with all the evidence, allow the Honorary Group, which constitutes one of the most important Italy's infrastructure-the first for sea transport-the achievement of an agreement that would result in the maintenance of the latter and the preservation of some 6,000 jobs.

I find it even more difficult to understand what the reasons behind this may be if not in light of the conclement closeness and personal friendship, repeatedly highlighted by the national press, the Secretary of the League Matteo Salvini with the our historical competitor Grimaldi.

My illustrious President, I am appealing to you so that, while among the countless and very important commitments weighing on your figure as a function of your position, you can intervene with Minister Giancarlo Giorgetti and those others you will consider appropriate to the purpose of achieving in a fast-term, the definition of an agreement that would allow the payment of creditors in the terms described above and the safeguarding of this business reality and its 6,000 employees.

I thank you so far for the time and attention that you will want to dedicate to this mine and I beg you to deem me at your disposal as far as I can take.

With observance,

Vincenzo Honored
HONORED SHIPOWNERS
Milan, February 21, 2022
Illustrious President of the Council of Ministers Mario Draghi E-mail : And for cc : Illustre Undersecretary of the Presidency of the Council of the Minister Roberto Garofoli E-mail : Illustrious Minister of Economic Development Honourable Giancarlo Giorgetti e-mail : Illustrious Minister of Labour Andrea Orlando E-mail : Illustrious Doctor. Matteo Bianchi Technical Secretariat Minister of Labour E-mail :

Illustrious President,

I write to you as a founder and sole shareholder of the Honorary Group of which they are a member-in addition to other Companies-Moby S.p.A. ( Moby ) and the Italian Company of Navigating S.p.A. ( CIN ) which, with 48 ships, operate the passenger and cargo transport service from the continent for Sardinia, Sicily, Corsica, Toscano Archipelago and vice versa.

The Group, to date :
-annoes about 6,000 employees, all of them Italian ;
-generates a direct annual turnover of € 439 mln euros approximately ;
-thanks to the passengers carried, it generates 12% percent of the GDP of Sardinia ;
-transports about 4.4 mln passengers per year ;
-carries around 5.0 mln car lines of motor vehicles and heavy goods vehicles per year.
The Group is burdened by a debt situation with respect to financial creditors for approximately € 640 mln beyond interest, divided into :
a. € 160 mln beyond interest in respect of a pool of banks ( Banks ) ;
b. € 300 mln beyond interest in the holders of a bond loan ( Bondholders ) ;
c. € 180 mln against Tirrenia in the Straordinary Administration ( Tirrenia ) in the title of the balance price of the divestment from Tirrenia to CIN of a company branch of the first, which took place in 2012.

In particular, the credits of Banche and Bondholders (for a total of 480 mln plus interest) are against Moby's, guaranteed by CIN (up to € 77) and by mortgages on all ships of Moby and CIN , while the credit of Tirrenia, which being in the Straordinary Administration is controlled from the MISE , is against CIN alone and is chirography .

Moby and CIN ( Company ), since 06/30/2020, they have been admitted by the Milan Tribunal to two separate Preventive Procedures procedures in continuity ( Procedures ) in the course of which the Companies have reached an agreement with the Banche and a large group of Bondholders, or with the main financial creditors, who have signed paraagredatory agreements already deposited in the Proceeds of Procedure.

In addition, on 01/19/2022 the two Companies deposited in their respective procedures the Concordatory Pians and the relevant offers (overall Offer) which in summary provide for :
the payment in favour of Banche and Bondholders ( Mortgage Creditors ) of a percentage of their credit equal to approximately 54.9%

the payment in favour of Tirrenia ( currently Creditor Chirographary ) of € 144 mln, or of the 80% of the credit, with the following modes :
(i) € 23 mln to the Concord counterpart ;
(ii) € 10 mln within 2023 ;
(111) € 10 mln by 2024 ;
(iv) € 101 mln within 2025
The three dilazed payments, for a total of € 121 mln, are guaranteed by Mortgage of Primo Grado enrolled on four ships of the CIN (of course of absolutely capient value), after renunciation of Banks and Bondholders to the mortgages currently enrolled in their favour on said vessels, renunciation predicted by the paraagredatory pacts already signed by the same ;

the payment in favour of the additional chirographer creditors (commercial suppliers) of 30% of their credit.
I dare to point out the following circumstances :

in view of the above, the credit of Tirrenia, today chirographary, would become mortgage ;

the remaining chirograph creditors (having therefore a similar position to that of Tirrenia) are satisfied by payment of 30% of their credit (at the forefront of 80% paid to Tirrenia) ;

the Attestator of the two Concordatar Plans claimed that the offer conforms to the principle of best satisfaction of creditors "In the scenario of the Straordinary Administration, which would materialise in the event of a failure to accept the Offer, the creditors would derive much smaller percentages of their credit than those offered," the company said in a statement. In particular, Tirrenia would obtain a stagnation of its own credit of not more than 18-20% (compared with 80% expected by the Offering) ;

in May 2021 Tirrenia had already accepted the Offer described above, but the formalization of the agreement did not take place because, a few hours after the meeting set for the same, Minister Giancarlo Giorgetti was requested to enter into the contractual text of two unacceptable clauses because they are contrary to regulatory provisions and which, as such, would have made the Plan of Restructuring unattestable, as immediately (and inevitably) communicated to the Tribunal in Milan by the Attestator (clauses the of which content is now exceeded because it is relevant to the set hypothesis of restructuring ex art. 182 bis L.F., whereas today it is covered by concordational assumptions) ;

the crediting ceto of Tirrenia, which would be intended for payment by the Honorary Group and in whose interest the management and control organs of Tirrenia should act, is set up in very large part by the same creditor banks. of the Honorable Group, which, as mentioned above, have already lent their consent to the Offering through the underwriting of the paraagreement pact ;

on numerous occasions, both the Moby and CIN-based managing bodies and the Trade Union Organisations have asked Minister Giorgetti the opening of a comparison table to facilitate the achievement of an agreement between the Honorary Group and Tirrenia, but, surprisingly, Minister Giorgetti has never provided them with any feedback ;

the Honorary Group has started a process of restructuring and efficiencies since 2020, which also allowed the Covid crisis period to be overcome and the budget goals set by the managerial bodies, by a majority, to be achieved. independent, of which Moby and CIN have been gifted ;

the Court of Milan, with a number of steps rendered within the scope of the procedures, indicated the date of 03/31/2022 as the final deadline for the achievement of the agreement between the Honorary Group and Tirrenia which, therefore, is necessary to materiates in the very short term.
This despite, Tirrenia ( rectius : MISE ) persevere in maintaining a behaviour of absolute disinterest in the composing of the affair and, with blatantly dilatory demeanor, finds, always with extreme delay, CIN's communications, constantly limiting itself to request further clarifications, punctually provided, or generic enhancements of the Offer (on the subject of guarantee of the dividend portion of the payment) that cannot be agreed because, as perfectly known in Tirrenia / MISE, there is no possibility, dodging 1 Offer also contemplated the positions of other creditors, which are also mortgages. Other forms of guarantee, such as a bank fidejussion, as you well know, are precluded, otherwise the Companies would not be in the procedure of prior arrangement.

I really find it difficult to understand how it is possible that the MISE, contrary to what is done for other entrepreneurial realities of the Nation, does not, with all the evidence, allow the Honorary Group, which constitutes one of the most important Italy's infrastructure-the first for sea transport-the achievement of an agreement that would result in the maintenance of the latter and the preservation of some 6,000 jobs.

I find it even more difficult to understand what the reasons behind this may be if not in light of the conclement closeness and personal friendship, repeatedly highlighted by the national press, the Secretary of the League Matteo Salvini with the our historical competitor Grimaldi.

My illustrious President, I am appealing to you so that, while among the countless and very important commitments weighing on your figure as a function of your position, you can intervene with Minister Giancarlo Giorgetti and those others you will consider appropriate to the purpose of achieving in a fast-term, the definition of an agreement that would allow the payment of creditors in the terms described above and the safeguarding of this business reality and its 6,000 employees.

I thank you so far for the time and attention that you will want to dedicate to this mine and I beg you to deem me at your disposal as far as I can take.

With observance,
Vincenzo Honored