Moby and CIN, asked for a blank agreement to find an agreement with their creditors: the state, banks and bondholders


Moby is CIN (ex Tirrenia) declare the state of crisis and appeal to bankruptcy law. With two notes published in the Luxembourg Stock Exchange, Moby has informed bondholders that both companies – controlled by Honored Armatori srl – requested the “concordat blank” from the Court of Milan to “continue negotiations with i under his aegis own creditors“, In order to obtain with them an” agreement of renovation (of debt, nda) “. Net of the medium-term expectations of the group – led by Vincenzo Onorato alone after the recent death of her 95-year-old mother, her only partner in Onorato Armatori srl – the procedure has a first immediate effect: blocking the arrival of bankruptcy claims or requests for precautionary attachment by the creditors themselves. The law in fact provides that from the time of booking the arrangement and for a maximum of 180 days, the company enters a protection period during which previous debts and credits are not guaranteed. It will therefore not be possible to replicate situations such as the blocking of current accounts already suffered by the group last March which caused it stop of ex Tirrenia ships for Three days, a type of unsustainable damage for Moby and CIN during this summer season, functional to recover part of the lost turnover for the stall of the connections due to the lockdown.

During the next 6 months Moby and CIN will have to submit their own to the Court renegotiation proposals to the creditors holding the approx 800 million of his debt “estimated” total – the information on the company accounts has in fact stopped at the quarterly of September 30, 2019 – and gather majority consent to this restructuring plan. Without such consent the two companies would in fact find themselves again out of the arrangement and therefore exposed to initiatives of “debt collection“By creditors, including the worst: a new bankruptcy process on their initiative, as already happened in thelast October.

But who I am these majority creditors who will have to accept the renegotiation, and therefore reduction, of their credit to avoid the bankruptcy of Moby and CIN? The first for credit seniority is the state, to which the Onorato group, in the legal person of Tirrenia of navigation in A.S. (the bad company created with the 2012 privatization), must 180 million, of which 115 already expired. After the aggressive initiative of the liquidation commissioners towards CIN, with the attachment of current accounts, the truce agreement – the terms of which are not yet public – has initiated a constant dialogue between group, commissioners and government, which asks for agreed in white as part of a shared path. Inside the latter would also be the annual extension of the agreement between State and CIN from 72 million euros per year, sanctioned by the government in Revival decree, for which you would expect the green disk of the European Commission on state aid.

Green disc that however for CIN is discounted to the point that it has already started reservations seasonal with special rates. However, the Onorato Armatori group denies that the final point of arrival of this shared path is the entrance of the state in the capital of CIN spa (a partial republication of Tirrenia 8 years after privatization tout court): “The family (Honored author) is absolutely capable of continuing in the management of the business alone – declares the company’s spokesman a – is it was never predicted neither the entry of the state into Cin, nor the entry of a private equity operator. ”

The second denial refers to the indiscretion collected by about the dialogue between the group and who owns the majority share of his debt: i bond holders with which Moby spa collected € 300 million in 2016, with the promise to return them in 2023 and guarantee a rich coupon of 7.75% every year. Today the bond is worth the 15% of its value – half of the roof that the Moody’s agency branded as “junk” (and “garbage”) – and in March Moby informed the owners that they could not pay the 2020 coupon they are entitled to: 10 million euros. The majority of these “junk bonds” are now in the hands of some hedge funds who bought them in the secondary market from those who wanted to get rid of them during the progressive fall in the value of the security, which occurred for two years now. And these speculative funds – gathered in one consortium – have already accused the management of the group, asking in fact to overcome the exclusive control exercised by Vincenzo Onorato. In this regard, Onorato Armatori srl replies to that a agreement on governance with bondholders had been found, but it also jumped to Covid’s cause“, And did not provide for” the entry of an operator of private equity” in the company.

Certainly a novelty in governance would please banks, third major lender with whom the group is exposed for 160 million euros, which has become a non-performing loan for some months. In fact, last February Moby announced that it could not pay the installment from 50 million expected and relationships with Unicredit, the leader of the loan, have worsened to the point that it has stopped being the trustee partner and guarantor of creditors (“Security Agent”) for the 300 million bond referred to above, replaced on 30 April by the Londoner GLAS.

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