Pillarstone Italy announced that they had finalised the full acquisition of Italy’s Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company.
Pillarstone Italy is a platform set up by US private equity firm KKR to restructure ailing companies.
The shipping industry is in an eight-year downturn due to slowing international trade.
Berlingieri Maresca were acquired by by Pillarstone to assist with all the shipping law aspects of the transaction (both in Italy and abroad) with a particular attention to the loans and securities on the Vessels; Andrea Berlingieri led the transaction with the support of Lorenzo Pellerano.
Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda; Permuda’s management remains the same with Stefano Rosina as CEO and Marco Tassara as Managing Director.