The Italian Sea Group moves towards a composition with creditors
The group’s debt stands at 400 million, of which 154 is owed to banks. The board of directors has approved access to protective measures
The Italian Sea Group is heading towards a composition with creditors and the appointment of an administrator, whilst its debt stands at around 400 million euros. The company’s board of directors, which met yesterday evening, explains in a statement, ‘has resolved to file an application pursuant to Article 44 of Legislative Decree No. 14 of 12 January 2019, No. 14, in order to access the protective measures provided for by law and to preserve the continuity of the business and the value of the company’s assets, in the interests of the Company, its creditors and all stakeholders’.
The Board of Directors states that the decision “was primarily determined by the latest developments in discussions with the shipowners, which meant it was no longer possible to consider the restructuring feasible solely through the negotiated settlement process”. Precisely in light of these discussions, ‘the company deemed it necessary to bring forward the change of course towards lodging an appeal, in order to prevent the passage of time from reducing the possibilities for restructuring available to it’. The aim is “to access the protective measures provided for by law for economically viable companies that find themselves in financial difficulty. The board of directors has therefore resolved to mandate the chairman and CEO (Giovanni Costantino, ed.), granting him the broadest powers to file the appeal in question’. The appeal will be filed today.
The Board of Directors also examined the Tisg Group’s net financial position, which stood at €178.7 million as at 31 May 2026; of this, as explained in a market disclosure by the company, €154.6 million consists of bank debt (of which €124 million is medium- to long-term debt, including the current portion, and €37.2 million is short-term debt). Cash and cash equivalents, on the other hand, amount to €7.47 million. The non-current financial debt item also includes a shareholder loan from GC Holding (which controls TSIG SpA) of 25 million euros, whilst the ‘other non-current liabilities’ item includes 11.3 million in liabilities arising from the application of IFRS 16. The net financial position of the parent company, TISG SpA, as at 31 May 2026, stands at 179.6 million, comprising 154.6 million in bank debt and 6.58 million in cash and cash equivalents.
The group also has consolidated overdue debt totalling 266.8 million euros, with trade payables to suppliers amounting to 77.6 million. The Tisg Group’s financial debt to banks amounts to €149.8 million, of which €42.6 million is overdue and €107.1 million is not yet due. The disclosure also states that, ‘as a result of the non-payment of certain principal instalments, the credit institutions could demand immediate repayment of instalments not yet due; however, they have not exercised this right in the context of the ongoing discussions as part of the negotiated settlement procedure for the corporate crisis’.
The document notes, amongst other things, that on 18 February 2026, ‘the Tisg board of directors took note of the emergence of cost overruns in the majority of ongoing contracts. These cost overruns have had a negative impact on Tisg’s cash position, due to the resulting reduction in operating margins, combined with the need to continue covering the production costs of ongoing contracts. In this context, the company has devised a financial strengthening measure in the form of a shareholder loan from the majority shareholder (Gc Holding, owned by Giovanni Costantino, the shipyard’s owner, ed.) for an amount of 25 million euros’. The company “will repay the shareholder loan in one or more instalments by 31 December 2032”.
