Italian shipyard Perini Navi declared bankrupt

The Italian shipbuilding company Perini Navi could not survive the pandemic and was declared bankrupt.

Perini Navi is the creator of many luxury sailboatsin particular the Maltese Falcon and Badia.

The court of the city of Lucca in Italy rejected the plan for the "financial recovery" of the legendary shipyard, which was developed by the experts of Perini Navi and its parent holding Fenix. The plan involved the issuance of bonds for a total of 30 million euros. It was expected that the securities would be acquired by the Italian corporations Blue Skye Investment Group and Arena Investors, which planned to capitalize the shipyard.

In addition, the court denied a request for additional time to create a new debt reform plan for the shipbuilding company.

The court declared Perini Navi bankrupt and announced the appointment of an interim director to protect its assets. First of all, this applies to megayachts under construction, as well as production facilities located in Italy and Turkey. The trusted leader also commits to making a decision about how many people from the state will continue to work at the shipyard.

It is noted that at the beginning of 2020, the debt of the Italian company amounted to 80.9 million euros, and by spring it had increased to almost 100 million euros.

The next hearing in the Perini Navi case will take place in June. It is expected that it will lead to the sale of the assets of the shipyard at auction.

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