Pillarstone to gain control of RBD Armatori

As part of the current bid, KKR-controlled turnaround fund Pillarstone expects to acquire the company's whole remaining fleet of 13 ships as well as its offices and controlled real estate assets. In early 2017, the business already sold three ships to Asian buyers for a reported $15m.

Pillarstone made the offer following its purchase in July 2017 of €560m of the company's bank debt, which totalled €890m prior to the acquisition and was part of a larger €1bn debt exposure. According to local press reports, Banco di Napoli sold loans with a book value of €246m, while Banca Monte dei Paschi di Siena sold €187m's worth of notes, and MPS Capital Services relinquished a €127m package. Following the deal, the company went through a change of its whole management board.

The business is currently facing a procedure for bankruptcy at the Italian court of Torre Annunziata, near Naples. The company's main shareholders were recently found guilty of tax evasion – the founding families are expected to appeal to the country's upper tribunal.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy
• Turnarounds