The US-based Taconic Capital fund took over non-performing loans (NPL) worth USD 49 million from UBI Banca of the shipping company Gestioni Armatoriali.
The company controlled by Nicola Coccia, Bruno Castaldo and the Bazzi family had impaired loans in the Italian shipping sector which have long been in the fund’s radar.
Gestioni Armatoriali had submitted a request for an arrangement with creditors in February 2016 following the arrest of one of its ships in Panama by Deutsche Bank.
Deutsche Bank acquired the credit (classified as non-performing) by Commerzbank with a sharp discount (over 50%) on the nominal value of USD 91 million. The loan had been granted to finance the purchase of four ships. The vessel in question was then released in September 2016.
The company’s financial exposure with Deutsche Bank, MPS, Banco di Napoli, Banca Popolare di Novara and Interbanca and at the end of 2016 exceeeds USD 285 million.
A restructuring plan has been drawn up which provides a time span of six years and an agreement with upfront payment of part of the loans as well as rescheduling of mortgages.
Sea News, February 12