Italian shipping company Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) has today been declared bankrupt.
The fate of the Italian tanker and bulker owner was decided by Italian judge Valentina Vitulano in the court of Torre Annunziata in southern Naples, according to Italian shipping sources and press reports.
The decision follows the failure of efforts by RBD to reach an agreement with creditors. Foremost among those is Pillarstone, the KKR-backed private equity fund which last year acquired debt of EUR 560m ($674m) from Italian banks.
Source say that Pillarstone’s agreement to acquire debt was “on subject” and expected that Pillarstone will now likely go after the ships managed by the company.
Local reports suggest that RBD’s total exposure to banks is reportedly in excess of $1 billion.
RBD controlled a fleet of six tankers including three aframaxes and three LR2’s, as well as seven bulkers, comprising three capesizes and four post-panamaxes. It has for many years been managed by Giuseppe Mauro Rizzo, who was unable to be contacted.
The bankruptcy is a further blow to the shipping community of southern Naples which in 2012 was hit by the bankruptcy of Deiulemar.
