Giuseppe Bottiglieri Shipping Company has embarked on a debt restructuring agreement with its creditors, the company confirms.
The Naples-based bulker and tanker owner filed an application in line with Italian bankruptcy law on 29 December to enable it to continue its business and restructure debts in line with article 182 of the Italian Insolvency Law.
“Due to the unprecedented world freight market crisis, the company has recently prepared a new business and financial plan currently under discussion with the financial creditors to pursue a consensual restructuring,” the company said in a statement
But it said "certain unfavorable circumstances" including fleet depreciation and negative currency effects forced it into a filing pending negotiations with creditors, "notwithstanding the efficient company performance confirmed by a positive...
