The plan, while providing for the sale of some assets, is based on business continuity, on the maintenance of jobs and on the preservation of existing routes. The plan has been devised considering the positive results recorded in the last year and the expected arrival two new Ro-Pax ferries, currently under construction, with a capacity of 2,500 passengers and 3,750 ml of freight each.
With regards to CIN S.p.A., the Group confirms its intention to present a restructuring plan pursuant to 182 bis of Italian Bankruptcy Law, mindful of the agreements signed with approx 95% of suppliers and thanks to the partnership with the investor, Europa Investimenti/Arrow Global Group PLC.
The filing of the sanctioning application for CIN has been postponed for a few days to allow for negotiations with Tirrenia in AS to conclude.
The Group therefore continues on the path to overcome the crisis caused by the attack by a group of bondholders who filed a bankruptcy petition, then rejected by the Milan Court, in September 2019, and which was then worsened by the impact of the pandemic on the transport sector.
The prerequisite for recovery is a rigorous action plan put in place by management over the last year, which envisaged a series of measures to contain costs, increase market shares and the disposal of certain assets and thus created the conditions for submitting a solid and sustainable plan to creditors.
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