Moby signs restructuring agreement with support from main creditor

By Marisa Wong

Los Angeles, July 15 – Moby SpA announced it signed its paraconcordatorio agreement on July 14 following agreements reached with the main creditor of subsidiary CIN SpA, Tirrenia di Navigazione in Extraordinary Administration (Tirrenia in AS).

Effectiveness of the paraconcordatario agreement is subject to the homologation by the Court of Milan, according to a notice on Friday.

With a favorable vote from Tirrenia in AS on the CIN composition plan, both the majority of voting creditors up to 96% and the majority of the voting classes of creditors were obtained, the company said.

Earlier in the week, Moby had announced that holders of its €300 million 7¾% notes due 2023 could express their intention to participate in the paraconcordatario agreement and a new money facility.

The notes were originally issued under the name Onorato Armatori SpA and guaranteed by ALE1 BV.

The ferry operator is based in Milan. The company made its Chapter 15 filing on Jan. 14 under case number 22-10311.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.