trouble in the big league

Speculation circulating in Italy today suggests that Perini Navi, the leading sail and motor superyacht builder, is suffering severe financial issues which may result in it entering bankruptcy while a restructuring plan is developed and implemented.

The source of the speculation was an article into today’s Milano Finanza, an Italian financial newspaper. This suggested that the Perini Navi board will, or already has, made a decision to enter into a debt restructuring arrangement using the Italian bankruptcy law clause Article 182-bis. The newspaper report suggests that the Sanlorenzo group might share in this initiative.

Since the story broke, IBI has received information that a number of other Italian yacht builders might be interested in working with Perini Navi or gaining a stake in the group. If a decision to enter Article 182-bis is made, it would then have to be presented formally to a relevant court and gain approval. Read on.