Petros Pappas-led Oceanbulk Maritime and Raffaele Zagari-led Augustea Holdings have thrown their hat into the ring for the indebted fleet of Giuseppe Bottiglieri Shipping Co.
The Greek and Italian owners are understood to have made a restructuring offer via a joint-venture company whereby they could secure the fleet of the Naples-based tanker and bulker owner, according to Italian sources and press reports.
That would be an unwelcome counter offer to an earlier restructuring agreement patched together over the summer by the Bottiglieri family and investment firm Bain Capital.
Bottiglieri is thought to be seeking an agreement with creditors that maintains the continuity of the firm. It controls 15 vessels, including 10 post-panamax bulkers, a capesize and four MR1 tankers.
It is expected to oppose any restructuring that could result in ships being sold or liquidated, or being managed outside of Naples.
The situation is expected to become clearer in the coming days once a court rules on the rival restructuring claims, although managers at Bottiglieri and Augustea were unable to comment.
It is not the first time that Zagari and Pappas have been linked to distressed shipping assets in the former’s home town of Naples.
In 2014, they teamed up with other investors to acquire 12 bulkers from the fleet of Deiulemar Shipping.
The move comes a week after separate company Rizzo Bottiglieri De Carlini Armatori — which was formed by division in the Bottiglieri family in 2004 — was declared bankrupt.
That followed the failure to arrange a restructuring agreement with Pillarstone, the KKR-backed private equity fund, which is building up an Italian fleet around Genoa-based Premuda.
