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Moby secures business continuity and resumes talks with creditors

The boards of directors of Moby SpA and CIN SpA have resolved to present a request for a reservation pursuant to art. 161 sixth paragraph l.f. for both companies.
This choice has the aim of allowing the companies to continue negotiations with their creditors for the achievement of a restructuring agreement under the supervision and protection of the Milan court, protect business continuity and ensure the normal operation of routes for customers, employees and allied industries.

In fact, the Moby Group hopes to reach, within the terms established by law, an agreement with its own creditors which is fair, of common satisfaction and capable of guaranteeing that the companies can overcome their current difficulties and continue the relaunch of the Group in the interest of all stakeholders.

This path will be based on a Group situation that presents valid economic fundamentals, as demonstrated by the broadly positive trends recorded last year.

The Company is also in the best position to seize the opportunities that are emerging with the resumption of travel, and has already put in place all the necessary actions to continue to grow. The opportunities include, the strengthening of all connections - and in particular to and from Sardinia - reaching a total of 166 departures, the early reopening of the Corsica season, and the new partnership agreements to expand the offering to Sicily.

The operations of the Group and the service to travelers will therefore not suffer any consequence from the path taken and indeed will be guaranteed by the procedure which has as its main purpose the safeguarding of business continuity in the interest of creditors, customers, suppliers and employees.

The development plan, prepared with the assistance of its advisers PricewaterhouseCoopers Advisory SpA and Gianni, Origoni, Grippo, Cappelli & Partners, also plans to consolidate an economic balance in a short time and will be presented in the coming days to creditors, with whom a constructive dialogue has been inhibited.

In light of recent developments and the forthcoming filing pursuant to art. 161 sixth paragraph l.f., today’s shareholders’ meeting will not called to approve the financial accounts for the year ended 31 December 2019.

The Company will provide a further update regarding the Group’s operations and restructuring discussions in due course, as appropriate.

Jul 01 2020


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