2018, not a good start to the shipping market.

12 january 2018 - Rizzo Bottiglieri De Carlini Armatori, a Torre del Greco (Naples) based shipping company, one of the leading company of the Italian shipping market, was declared bankrupt by the Court of Torre Annunziata (Naples) yesterday 11th of January. In 2015 the rescue plan proposed by the shipping company originally approved by creditors was not approved by the Court. Further a new rescue plan was proposed, however in this case the quorum requested by Italian bankruptcy law for the relevant approval was not achieved.

 During 2017 the Court appointed a new management for the shipping company granting extra months for the proposal of a new restructuring plan while Pillarstone became the main shareholder purchasing the non performing – loans from Intesa San Paolo and MPS. The opportunity of proposing a new rescue plan was dismissed by the main shareholder Pillarstone and the Court formally declared RBD Armatori bankrupt. Whether the information provided will be confirmed, with the order of bankruptcy the Court expressly enabled the company to continue operating. RBD owns a fleet of 13 bulk carriers and tanker as well as other buildings. The liquidation of the assets of the company will be of some regulatory complexity, with the application of the new EU Regulation 2015/848 on cross-border insolvency procedures (declared after 26 June 2017).