July 31, 2020
- Perseverance Group, concluded debt renegotiation by
250 million with Finav and CCR Shipping funds
- D'Amato: the agreement will allow complete rehabilitation
of the group's debt position, after a long period of crisis
ensuring business continuity
- Finav, the credit management fund in the
shipping managed by Irish asset manager Davy Global Fund
Management with the advisory of Pillarstone Italy and Dea Capital
Alternative Funds SGR, today announced the conclusion
restructuring of the group's debt
Navigation Spa Perseverance and the consequent filing under
Art. 182 encore bankruptcy law at the Court of Naples.
- Perseverance currently operates with a fleet of eight
bulkcarrier and crude oil and product tankers. Under the agreement,
major creditors Finav-Pillarstone and Dea Capital Alternative Funds
SGR will become owners of seven bulker ships and tankers
guaranteeing their respective credits and that will remain for a period of time
management of the Neapolitan shipping group.
- In detail, the transaction involves, among other things, the transfer
on one side of four ships in Finav, which currently manages assets to
a value of more than 500 million dollars against
nine Italian shipping companies, and on the other of three ships
DeA CCR Shipping, which has 200 million dollars under management in the
eight shipping companies.
- Pillarstone Italy and Dea Capital have pointed out that this
complex agreement, which has a total value of 250 million
and also involves Taconic and Hcob, it affects as many as four companies
group and ensures business continuity
the ultra-school company that has been operating for four generations
- "With the agreement announced today ," he explained
The CEO of Pillarstone Italy, Gaudenzio Bonaldo
Gregori - on the one hand, the continuity of a
companies that have made great Italian navigation in the
world and on the other we strengthen with further investment
Finav's growth path as a player in the industry
shipping in Italy.'
- The CEO of DeA Capital Alternative Funds SGR,
Gianandrea Perco, specified that "the operation allows the
CCR Shipping Fund managed by DeA Capital Alternative Funds SGR
carry out their debt collection mandate through the
repossess and the enhancement of three naval units
will continue to be managed while safeguarding skills
specifics of those who have operated them to date. For the JRC Fund
Shipping - he recalled - this is the fifth operation in 18
months after launch."
- "We are delighted," said the CEO
Perseverance group, Angelo D'Amato -- to have managed to
achieve a complex agreement, but always with the support of the two
creditors, which will enable complete restructuring
debtor position, after a long period of
crisis, ensuring business continuity. We will face with
renewed confidence in the new challenges that will come from the market, strong
collaboration and trust of our new partners."
- They acted as legal advisors to creditors
Linklaters, Cleary Gottlieb, Bonelli Heir & Pappalardo, Watson
Farley in addition to the Berlingieri Maresca Studio. Legance, on the other hand,
acting as a legal advisor to the company.
KPMG and VSL, on the other hand, served as financial advisors and
industry to support the operation.
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