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The Perini Navi case continues: Bankruptcy declared

Business
Written by
Laura Nicholls

Since last May, the Perini Navi shipyard has faced an uncertain future. Having first been declared bankrupt with a reported loss of €80,870,000 at the end of 2019, the Italian sailing yacht builders were of interest to fellow shipyard Sanlorenzo, but more recently was due to be acquired by the Blue Skye Investment Group. 

Now with exposed debts of over €100,000,000, Perini Navi was heavily reliant on the restructuring plan offered by Blue Skye which guaranteed a four-year loan of €30,000,000 at a rate of 12% with pre-tax deductions on all goods owned by the shipyard. However, as recently revealed in Italian media MF-Milano Finanza, the judges at the bankruptcy court of Lucca were not able to conclude the deal. Perini Navi Falcon Rig Photo: Perini Navi As the restructuring plan was "not deposited", the bankruptcy court of Lucca has decided not to give the Tabacchi company any more time and proceeded with the execution of the bankruptcy. At this point, the only option to save Perini Navi is through a bankruptcy auction procedure, which is said to be still of interest to Sanlorenzo and the Ferretti Group. Most recently, the Italian Sea Group has expressed interest in the failing brand, which they say "represents a strategic interest, also for Italy itself". Also, Palumbo Superyachts is the latest industry player intending to participate in the auction procedure. 
Sanlorenzo shipyard La SpeziaMF-Milano Finanza reported that: "The two contenders will aim at obtaining the lease of the business unit and subsequently purchasing the company and the brands. It must be said that Sanlorenzo is particularly interested in the Viareggio facility and the Perini Navi brand, while Ferretti is looking more closely at the production site in La Spezia."Ferretti Group -Fleet rangePhoto: Ferretti GroupThe report also mentioned that: one of the main problems lies in the guarantees that Tabacchi had provided through its holding company Fenix to the owners of yacht projects in construction. Tabacchi's largest contract was signed in 2017 for a sailing yacht worth between €54 and 56 million.

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