The Italian Sea Group: crisis reaches a turning point as composition with creditors and board overhaul take shape

The Italian Sea Group crisis continues to evolve, entering a crucial phase from judicial, industrial and employment perspectives. Following the filing of its application for a “blank” composition with creditors on 1 July, the Florence Court has granted the group 60 days to submit its restructuring plan together with a proposal for creditors. At the same time, on 3 July, the Court appointed three judicial commissioners – Niccolò Abriani, Riccardo Forgheschi and Manuela Olastri – who will oversee the proceedings through to the possible court approval of the restructuring plan. The alternative remains judicial liquidation.

These developments were at the centre of a meeting convened on 6 July by the Prefect of Massa-Carrara, attended by representatives of local institutions, the company and trade unions. According to local media reports, the meeting confirmed that the current management formally remains in office, although the possibility of replacing the entire Board of Directors as part of the restructuring process was discussed.

According to Nicola Del Vecchio, General Secretary of CGIL Massa-Carrara, the company indicated during the meeting that its objective is to pursue a business continuity solution accompanied by the complete renewal of the Board of Directors, the Chairman and the Chief Executive Officer. The union also called for the immediate opening of a regional crisis task force involving the Tuscany Regional Government, the Ministry of Enterprises and Made in Italy, and the judicial commissioners.

On the employment front, the company confirmed the introduction of the Extraordinary Wage Guarantee Fund (CIGS) for approximately 200 direct employees out of a workforce of around 530. The scheme will operate on a rotating basis, and the company has stated that it is willing to advance the payments due from the Italian National Social Security Institute (INPS), responding to a request from the trade unions aimed at limiting the financial impact on employees.

The situation concerning the supply chain remains unresolved. At present, ordinary wage support has not been approved for several companies operating within The Italian Sea Group’s supplier network. According to the trade unions, this affects hundreds of workers who have not received their salaries for months.

At the end of the meeting, Carrara Mayor Serena Arrighi described the situation as “extremely worrying”, stressing that the next steps will largely depend on the work of the judicial commissioners and on identifying an industrial solution capable of ensuring business continuity.

The next expected development is the convening of the regional crisis table requested by the trade unions, which is also expected to involve the commissioners appointed by the Court, with the aim of defining the possible scenarios for the future of The Italian Sea Group’s shipyard in Marina di Carrara.

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