• Tue. Oct 26th, 2021

Tirrenia, government company: “Setting up an interministerial table ad horas”

Byeditorial

May 6, 2021

Establish an inter-ministerial table ad horas that can “mediate and accompany the definition of the agreement with Tirrenia in extraordinary administration legally and economically feasible and therefore verifiable, with the method of active listening; of democratic confrontation between all the interested parties; of loyal collaboration “. This is what the CEO of Cin, Massimo Mura, asks in a letter sent to Premier Mario Draghi and to the ministers concerned. “Over the last few weeks, the negotiations have continued incessantly, and Cin and the Investor have fully accepted all the requests of an economic and financial nature from Tirrenia AS and in particular: the payment of 80% of the credit (against an average 78% to other creditors), the mortgage guarantee on 4 ships for a total value of over euro160m, the immediate payment to the homologation of euro23m “, writes the CEO of Cin. “The negotiation on the night between 5 and 6 May ca ran aground on purely formal and legal issues as the completely ancillary requests of Tirrenia AS prevent the reliability of the restructuring agreement by the designated professional Dr. Riccardo Ranalli “, goes on. “Moreover, the attester in his conclusions highlighted that in the event of no agreement and consequent opening of the insolvency procedure of Cin, the recovery for Tirrenia AS, currently unsecured creditor, would settle at a percentage of less than 18%”. Furthermore, the CEO Mura notes that “maritime transport constitutes an area of ‚Äč‚Äčapplication of the Golden Power and the structure of the recovery and restructuring plan of Cin shared with the Investor would ensure the corporate asset to an Italian company; the structure of the plan of the reorganization and restructuring of the Cin shared with the Investor does not envisage the use of public money through the intervention of the Intended Assets “. “Failure to agree with Tirrenia in extraordinary administration with the consequent inevitable declaration of insolvency of Cin would result in: the loss, or in any case serious damage, for over 6,000 seafarers almost all resident in economically depressed areas of the country; the risk of serious impacts on the territorial continuity service with Sardinia and Sicily, as well as the inevitable consequences on the economic operators of the islands as well as on the road hauliers and related activities; the inevitable use of large public resources to guarantee business continuity in extraordinary administration; an impact on competition in the service ferries with the risk of an increase in tariffs for customers “, finally underlined Mura.