Yacht builder The Italian Sea Group has launched a competitive process to identify potential investors as part of its restructuring. The procedure consolidates existing unsolicited expressions of interest into a single structured process.
Under the supervision of judicial commissioners, interested parties will receive the same terms, including a confidentiality agreement, process letter, access to a common data room, and uniform deadlines.
The transaction could be structured as either an asset sale or a share deal through a capital increase aimed at restoring the company's financial position on a going-concern basis.
Under an asset sale, potential disposals include the company's shipyards in Carrara, La Spezia, and Viareggio, as well as the Admiral, Perini, Picchiotti, and Tecnomar brands. The process also covers shareholdings in Celi and TISG Turkey Yat Tersanecilik.
The process follows its decision in July to seek court protection from creditors after talks with clients broke down, ending efforts to restructure the business out of court.
The company had entered a negotiated crisis settlement procedure in March following financial and governance difficulties, while debt-related losses subsequently reduced its share capital below the legal minimum.
Its turnaround plan included potential asset disposals and contract renegotiations, alongside a possible €100 million capital increase from the fourth quarter.
