VENICE'S Cantieri Navali de Poli shipyard may become bankrupt after only a few of its 740 creditors backed a preventive agreement that would have stopped it.
A minimum of 50% of consensus was required but the yard’s estimated liabilities of €113M ($158M) against assets of €50M convinced the great majority of the debt holders to reject the plan. Their logic seems plain: the proposed agreement provided full repayment to privileged creditors (including the employees, not paid since last December) and 50% repayments for the most exposed banks (Unicredit, Monte dei Paschi and Antonveneta), the others were left with a refund of only 19% of their invoices. Although one bankruptcy action has been filed at the Court of Venice, many others will probably follow suit, although the De Poli family can still offer a new plan.
A questionmark hangs over the three unfinished chemical tankers under construction, one of which – the Rystraum – is currently at a berth in the Arsenale San Marco-Cartubi in Trieste. Its CEO, Mauro Franco, recently reassured a local newspaper over his own company and said that negotiations will start soon with some shipowners to sell the three ships.
VENICE'S Cantieri Navali de Poli shipyard may become bankrupt after only a few of its 740 creditors backed a preventive agreement that would have stopped it.
(Source: Fairplay)
