The Italian Sea Group has announced its interest in the assets of bankrupt Italian shipbuilder Perini Navi after the announcement last week they are to be auctioned off.
The assets that are for sale include 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. A baseline auction price of €62.5million has been set, with interest parties required to pay a €10million fixed security deposit by 28 July, with the auction then set to start on 30 July.
The Italian Sea Group, which is made up of Admiral Yacht, Tecnomar and NCA Refit, revealed it had been granted access to official financial documentation from Perini Navi, and had employed accountants to review financial records.
In a statement, it said: "TISG confirms its interest in Perini Navi only at sustainable values with a view to creating value for the company and its shareholders."
Perini Navi was officially declared bankrupt in January 2021 after a turbulent 24 months that saw it report losses of more than €80 million in 2019, and then enter into insolvency proceedings in May 2020.
In the weeks following the announcement of bankruptcy a number of businesses, including Sanlorenzo, Ferretti and Palumbo expressed an interest. With a date now set for an auction of its assets, we should begin to see which parties are serious about acquiring the assets of the brand.
Perini Navi was founded in 1983 and became well known for building luxury sailing yachts, including its largest build ever 88m (288ft) Maltese Falcon, delivered in 2006 and winner of ten industry awards, including the Sailing Yacht of the Year in the World Superyacht Awards.
The Italian Sea Group is based from the port of Marina di Carrara, which is home to the largest private dry dock in the Mediterranean and the only one capable of accommodating yachts over 100m (328ft) in length. Most recently it announced it had secured funding from fashion designer Giorgio Armani and Belgian pharmaceutical entrepreneur Marc Coucke, as it listed its shares on the Italian Stock Exchange for the first time.
If you would like to get an idea of the vessels both these iconic brands have been responsible for you can start by viewing all new and pre-owned yachts for sale.
