The next steps towards finding new ownership for bankrupt Italian builder Perini Navi looked to have stalled for now, with all the interested parties declaring the starting price for an auction of the yard’s assets as being too high.
The Italian Sea Group, Palumbo Superyachts and a joint venture between the Ferretti Group and Sanlorenzo had all initially expressed their interest in acquiring the yard after it was officially declared bankrupt in January.
In June it was announced that its assets were to be auctioned off. These included its Viareggio and La Spezia shipyards, which are valued at €23.5million and €21million respectively, land in Pisa, a boat under construction and its brands and patents.
The Ferretti Group, working together alongside Sanlorenzo, were the first to announce they were interested in rescuing Perini Navi, with the Italian Sea Group and Palumbo Superyachts both following suit in the following weeks.
Shortly after the announcement its assets were to be auctioned off the bankruptcy trustee set a base auction price of €62.5million for the assets, with bidders needing to provide a fixed security deposit of €10million by 28 July with the auction due to start two days later.
The Ferretti Group and Sanlorenzo were the first to pull out of the running at the start of July, followed by Palumbo Superyachts days afterward, with the Italian Sea Group doing likewise in the middle of the month. There are now rumors circulating that a second auction might take place in the fall, with bids possibly being 25 percent lower.
Perini Navi had experienced a turbulent 24 months prior to formally being declared bankrupt, reporting losses of €80million at the end of 2019, with its debt exposure having increased to almost €100million at the end of the first quarter of 2020.
The yard is primarily known for its luxury sailing yachts, the largest being the multi-award winning 88m (288ft) ‘Maltese Falcon’, delivered in 2006. Other notable yachts include 70m (230ft) ‘Badis I’, winner of seven industry awards including two World Superyacht Awards and 58.5m (192ft) SEAHAWK, which also received multiple award nominations.
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