Naples-based Perseveranza di Navigazione has rounded off a $250m debt restructuring with its creditors.
The deal will shift the ownership of seven tankers and bulkers to companies managed by financial advisors Pillarstone Italy and DeA Capital Alternative Funds.
But the D'Amato family has secured an agreement to retain the management of the former Perseveranza vessels for the foreseeable future.
Perseveranza, which is run by brothers Angelo and Umberto D'Amato representing the fourth generation of the family, has been seeking to restructure debt on a fleet of four product tankers, two bulkers and a 50% interest in two post-panamax bulkers.
