Moby SpA and CIN SpA file continuity plan with Milan Court

2022-01-27T17:25:08+00:00 January 27th, 2022|Finance|

As part of its ongoing restructuring saga, on 19th January, Moby SpA and its subsidiary CIN SpA, filed a new continuity plan with the Milan Court.

This plan involves providing significantly higher recovery percentages for creditors than the previous plan filed by Moby on 29th March, 2021.

The new plan had received the prior consent of the Group’s main financial creditors, the bondholders joined together in an Ad Hoc Group and from all the financial institutions.

The companies undertook this step towards an ongoing industrial relaunch, which follows a significant turnaround seen to overcome the pandemic difficulties and thus to reposition itself as a market leader and on the sea routes in which it is involved, the company said.

Moby was also reported to have filed for bankruptcy protection Chapter 15 in a Miami Court.