The Italian Sea Group (TISG) has selected SRI Group Global’s €220 million ($246 million) offer for its entire business as the basis for a court-supervised restructuring proposal. The Italian yacht builder will still invite improved bids before choosing a final buyer.
The board compared five binding offers before opting for a composition with creditors under indirect going concern. Under this arrangement, the business continues to operate through a third-party purchaser.
The proposal and plan were due to be filed with the Court of Florence on November 2, and a hearing is scheduled for November 11.
The company said it would launch a further bidding round and amend the plan if a superior offer is received. It added that it has not yet accepted the SRI bid, as acceptance requires prior authorisation from the court.
The proposed transaction comprises an interim lease of the business to the selected purchaser, followed by an outright sale. TISG said the lease could be signed in the first week of December.
Privileged creditors would be paid in full. Unsecured creditors would receive approximately 10 per cent, and subordinated creditors would receive nothing.
"No value is to be allocated to shareholders," the company said. It added that it would be placed into liquidation once the court confirms the composition.
The builder of the Admiral, Tecnomar, Perini Navi and Picchiotti brands sought court protection in July after talks with clients collapsed. It launched a search for investors in August.