Italian tanker operator Motia Compagnia di Navigazione has completed a restructuring of its €130m ($144m) debt.
The Zacchello family’s Venice-based tanker operation has gained court approval to proceed with the financing after obtaining fresh funding from US financier Northern Shipping Fund.
Motia is being liquidated and merged with a sister company as part of the restructuring that is expected to be completed by the end of the month.
