Italian shipping company Rizzo-Bottiglieri-De Carlini Armatori SpA has been declared bankrupt by the Court of Torre Annunziata, local media reported.
The bankruptcy has been reportedly requested by investment company Pillarstone, which acquired a large share of the company’s debt worth USD 638 million in July last year. The acquisition gave Pillarstone the controlling power over the company.
The decision is said to be taken as the two parties were unable to reach a deal on a business rescue plan.
A liquidator will now be appointed to sell the company’s assets, which include 13 ships and some buildings.
The company, which has 400 employees, is estimated to have accrued debt worth over a billion EUR.
As informed, provisions have been made to enable the ships and the company’s employees spread across the globe to continue operating.
World Maritime News Staff