Tisg opts for Sri’s bid and the going-concern arrangement

Sri Global, the investment holding company owned by Giulio Gallazzi (52 per cent) and Bernardo Vacchi (48 per cent), is in pole position to acquire all the assets of The Italian Sea Group, a luxury yacht builder that has been in crisis for some time. The company’s binding offer – 220 million for the entire business, plus 40 million in subsequent investments – proved to be the best, at present, amongst the five received, and the board of directors has designated it as the reference bid, forming the basis of the crisis resolution plan submitted to the Court of Florence, together with the application for a composition with creditors with indirect continuity. Tisg has announced that, in the meantime, it intends to launch a ‘revival phase aimed at securing the best possible offer for the creditors and stakeholders of The Italian Sea Group, undertaking to amend the plan and proposal accordingly should a better offer be received’. Should Sri’s bid be confirmed as the best offer, pending its finalisation, the company will be leased to that same firm.

The Tisg board of directors therefore announces that it has identified ‘the arrangement with creditors involving indirect continuity as the most appropriate means of fulfilling the legal obligations incumbent’ on the company ‘as a result of its situation’. Furthermore, the Board states that Sri’s offer is “the benchmark to be used as the basis for the crisis resolution plan to be submitted to the Court of Florence” today, 2 November (the deadline set by the judges, ahead of the hearing scheduled to examine the arrangement, on 11 November 2026).

The board of directors, moreover, emphasises its intention to ‘launch a relaunch phase as a matter of urgency’ to pave the way for any improved bids, reserving “the final selection of the purchaser of the business as a going concern to the outcome of this relaunch phase, discussions with the bidders and assessments of the bidders’ suitability to meet the obligations undertaken, subject to the business being leased to that same party”.

Meanwhile, Vincenzo Poerio, appointed by Sri Global as the designated chief executive of the company set to manage Tisg’s assets (provided, of course, that Sri itself is awarded the contract), has resigned from his post as chief executive of Tankoa, a Genoa-based shipyard specialising in the construction of superyachts.