Seizure of 20 million for Tirrenia-Cin but the agreement is starting to have a positive outcome

Contradictory news arrives on the by now age-old Tirrenia – Cin question. The court of Milan has in fact recently accepted the request of the Tirrenia commissioners in Extraordinary Administration, granting a preventive seizure of 20 million euros towards the holding company Onorato Armatori, which controls Moby and Cin. The decision builds on the applicant’s argument, according to which it would be immediately appreciable the responsibility of Onorato Armatori, which “has not deposited financial statements” since 2017, in having withdrawn financial resources of over 210 million from Cin, so as to prevent the latter from paying the 180 million credit towards the extraordinary administration of Tirrenia, for the balance of the price for the sale of the business unit concluded with a contract dated 25 July 2011.

The limit to the amount of 20 million is instead due to Cin’s presumable possibility of partially repaying the debt against Tirrenia, as part of the composition plan currently being approved by the Milan court. And precisely in this latter regard, the judges at the same time declared in the same seizure order as “there is a high probability that the arrangement (requested and obtained by the holding company Onorato, ed) will reach a positive outcome until the approval“, That is the last and decisive phase of the procedure. Tirrenia, the document continues in particular, “has not highlighted any factors that could lead to the belief that the satisfaction of its credit in the composition with creditors is not a real prospect”. The payment of the “very significant percentage of 80% to homologate the arrangement” would therefore certainly present “high risk profiles”, but “it is reasonable to assume that Tirrenia will vote in favor, given the percentage composition offered and the fact that the composition proposal in continuity is presented as the solution that gives the creditor class the most extensive protection, especially in comparison with the alternative of the extraordinary administration procedure “.

In the face of the decision regarding the seizure, However, Onorato Armatori has decided to lodge a complaint with the Milan court, “In whose work the group – reads an official note – places full trust”. In the meantime, Onorato Armatori and his consultants “will continue the negotiations already restarted with Tirrenia in Extraordinary Administration, in the hope that the Ministry of Economic Development, so diligent in becoming an actress due to the disservices of a well-known football entertainment provider via the web, will finally give an answer to the numerous reminders received from the company and the social partners, with 6 thousand families waiting for feedback positive from Mise, the last missing piece in the definition of the restructuring plan of the Onorato group, whose commercial and industrial results have far exceeded the Covid crisis and forecasts “.

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Seizure of 20 million for Tirrenia-Cin but the agreement is starting to have a positive outcome

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