The Italian Sea Group soars as the process to bring in new investors gets underway
Non-binding bids must be submitted by 15 September
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(Il Sole 24 Ore Radiocor) - Buying spree in The Italian Sea Group on the Milan Stock Exchange (FTSE MIB) following the announcement of the launch of a competitive process to identify new investors as part of the restructuring, led by Meti Corporate Finance and KPMG Advisory and overseen by the court-appointed administrators. The procedure follows the numerous unsolicited expressions of interest already received by the global luxury yacht operator and aims to gather irrevocable bids through a standardised and transparent process, with the aim of maximising value to protect creditors.
Specifically, two options are envisaged. An Asset Deal, relating to the entire business or to individual assets/divisions, including the shipyards in Carrara and La Spezia, the Viareggio site, the Admiral, Perini, Picchiotti and Tecnomar brands, and the shareholdings in Celi and TISG Turkey. Alternatively, a Share Deal via a capital increase, aimed at recapitalisation and restoring the conditions necessary for the company’s continued operation.
Non-binding offers must be submitted by 15 September and will remain valid for 90 days from the deadline, subject to extension at the company’s request. Based on the offers received, Tisg will select the investors to be admitted to the second phase, which will involve a more in-depth due diligence process. Phase two is currently scheduled to take place over a period of approximately five weeks from the date of the invitation, with the signing expected to take place by 26 October.
