Perini Navi S.p.A. Undertakes Debt Restructuring Procedure
Thursday, May 21, 2020 10:19 AM
Viareggio, 21 May, 2020 - The Board of Directors of Perini Navi has decided to undertake a procedure aimed at restructuring the company’s financial indebtedness hopefully through a debt restructuring agreement pursuant to Article 182 bis of R.D. of 16 March 1942, no. 267 as subsequently modified and amended (the “Italian Insolvency Law”), in order to preserve the Company’s operational and business continuity. Therefore, the Board of Directors of the Company assessed and resolved to shortly file with the Court of Lucca an application for a pre-petition in respect of a composition with creditors (concordato preventivo con riserva), pursuant to article 161, subsection 6, of the Italian Insolvency Law.
Through this procedure, the Company intends to make use of a crisis management tool to overcome a moment of significant financial strain, which has been further exacerbated by the Covid-19 outbreak and its impact over all markets.
The Board of Directors intends to preserve the Company’s business and heritage, thus ensuring continuity to the important orders currently in build, as well as achieving the highest possible level of creditors’ satisfaction, in compliance with the process to be undertaken.