Aponte comes to Moby’s rescue

2022-04-13T20:00:04+00:00 April 13th, 2022|Finance|

The Aponte and the Onorato families have reached an agreement to increase MSC Group’s capital in Italian ferry operator Moby.

This agreement came just before a Court deadline ordering Moby to pay Tirrenia di Navigazione monies owed.

The capital will be used to pay Tirrenia, in addition to paving the way for the prompt re-organisation of the Moby Group and its 6.000 employees.

As a result of the capital increase, the MSC Group will hold a minority stake in Moby.

On 15th February, the Court of Milan had granted Moby and its subsidiary, CIN, a deferral of a creditors’ meeting, as result of a Court filing on 19th January of a new continuity plan.

The new meeting dates were set for 20th and 27th June, 2022, respectively for Moby and CIN and also set 31st March, 2022 as a deadline for a filing, inter alia, the agreement with Tirrenia in Amministrazione Straordinaria, which represents the main CIN creditor missing from the consent to the restructuring plan.

“The entry of a global market leader like MSC in the capital of Moby is excellent news for our country, for Italian shipping and for the company’s workers,” commented Vice President of Confcommercio, Fabrizio Palenzona.

“The motorways of the sea are being strengthened, a real asset of the mobility policy of people and goods, in a context of sustainability imposed by the green deal. In addition, a significant and necessary strengthening of the offer of hold at the service of road transport is guaranteed, which today more than ever cannot be separated from intermodality, in particular from the road-sea combination.

“Thanks to this operation, the Single European Area of Sustainable Mobility is strengthened in Italy, with a more complete offer of services and more open to competition.

“We are truly honoured that the Aponte family group continues to show particular attention to our country, ensuring, as its history shows, continuity of commitment to protecting companies, workers and customers,“ he concluded.