Creditors have voted in favour of a restructuring plan backing the family of Giuseppe Bottiglieri di Shipping Company (GBSC) and its private equity partners Bain Capital Credit.
The vote was decided after a Court of Appeal in Naples on Monday rejected a rival’s efforts to stop creditors meeting and suspend the voting process, GBSC said in a statement today.
The development deals a setback to Lighthouse, the company jointly controlled by Petros Pappas-led Oceanbulk Maritime and Raffaele Zagari-led Augustea Holdings, which has argued its own restructuring plan would better serve the interests of creditor banks.
Voting on the Bottiglieri/Bain restructuring plan began on 7 February and ended on 27 February, GBSC said.
GSBC to be relaunched
Under the proposal with Bain Capital, around $120m could be used to significantly repay bank creditors and embark on an industrial relaunch of GBSC.
The Bottiglieri family, headed by Giuseppe and his daughter Mariella, have argued their rivals' plan would mean the liquidation of the company, which operates a fleet of 11 post-panamax bulkers, a capesize and four products tankers.
In a statement, the family praised creditors including Italian banks Banca Monte dei Paschi di Siena, Monte dei Paschi di Siena Capital Service, Banco di Napoli, and UniCredit.
“With their vote they allowed a historic company to stay in Italy and keep jobs safe for 340 people,” it said in a statement.
The court will set a date for a hearing for the final validation of the proceedings, GSBC said.
