Moby-Cin agreed, homologation confirmed on appeal

The Court of Appeal of Milan confirmed the approval of the arrangement with creditors of Moby-Cin, already achieved with a decree of the court of Milan last November 24th. This was announced by Moby Spa. The judges rejected the opposition action presented by Grimaldi Euromed.

The bailout plan presented to the court by the group controlled by Vincenzo Onorato provides for the entry into the capital of Moby Spa of 49% of Gianluigi Aponte’s MSC for 150 million euros. The establishment of a closed fund (ShipCo) is envisaged; the sale by Moby and Cin to ShipCo of part of the fleet, in exchange for the supply of new finance and the assumption of debt; the merger of Moby and Cin (OpCo); the charter from ShipCo to OpCo of the purchased fleet and the sale of some vessels between 2022 and 2025; the buy-back (under certain conditions) of the remaining fleet by OpCo by 2025.