Ferry News Archive
New Tirrenia bids called for
Date: 27 Sep 2010 10:45 Source: LLoyds ListItaly is renewing its efforts to find a saviour for the troubled state owned ferry operator Tirrenia, which was pushed closer to the precipice after an earlier attempt to privatise it collapsed just a few weeks ago.
The special administrator appointed to the company, which has filed for Italy’s bankruptcy procedures affording temporary protection, has called for expressions of interest for Tirrenia, which controls a fleet of more than 20 ferries and only recently had a varied group fleet running to 60 units.
Under the latest procedure, the administrator has called for expressions of interest to be submitted to financial advisers Rothschild by noon on September 29.
The intention is to sell the business as a going concern and the administrator is seeking a buyer that can guarantee the continuity of public services currently offered by the operator, the announcement said.
Tirrenia provides services between mainland Italy, Sardinia, Sicily, Corsica and Albania in the Adriatic.
In the wake of the company’s insolvency in early August, the government reaffirmed its preference for selling the company as a whole rather than breaking it up.
However, a bill is currently passing through the country’s parliament that would introduce greater flexibility into the procedure.
If the bill is passed by the upper chamber, it would allow the administrator to entertain bids for Tirrenia and its subsidiary Siremar separately as well as for the whole entity.
In the last tendering process, 16 parties registered their interest but only one – investor Mediterranea Holding – submitted a binding offer, and that collapsed when final terms could not be agreed.
Mediterranea had offered to a reported €25m ($33.4m)as well as assumption of some of Tirrenia’s debt load which by summer was said to have totaled about €550m.
In recent days rival ferry operator Moby Lines and Mediterranea were once again being touted as likely to be among the list of interested parties.
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