Because the relationship between Tirrenia, Moby and the Onorato group is wrecked
What happens between the Tirrenia group, the parent company Moby and the Onorato group?
Tirrenia sues the Onorato group.
The commissioners argue that Cin, which purchased the assets of Tirrenia, is in a state of financial distress due to the inadequate management and coordination of the parent company Moby. Let's go step by step.
TIRRENIA CALLS IN HONORED COURT
Let's start with the facts. According to Radiocor , the lawyer Filippo Giuggioli, lawyer of the commissioners of Tirrenia, in extraordinary administration, filed a writ of summons to the civil court of Milan against Moby and against the Onorato group of the shipowner Vincenzo Onorato, in subrogation of Cin (Italian shipping company).
WHAT IS TIRRENIA CONTESTS
Tirrenia, according to the Commissioners, is in a state of financial distress due to bad management by the parent company Moby and above all by the parent company Onorato Armatori.
According to what was reported by the commissioners, writes Il Sole 24 Ore Radiocor Plus , Cin would have proved 'inert' in trying to recover the credit due to the parent company Moby, when the second tranche of 180 million euros has not yet been paid to Tirrenia in ordinary administration of the 380.1 million agreed in 2011 for the sale of Tirrenia's assets to Cin.
THE REQUESTS TO THE COURT
What the Commissioners are asking the court, therefore, is to issue a provisionally executive order for 43.8 million euros, to order Moby to pay Cin its debt and to ascertain and declare the responsibility of Onorato Armatori, condemning the company to pay compensation for damage to Tirrenia in extraordinary administration
THE MANAGEMENT
Let's take a step back to clarify what we are saying. Onorato Armatori 100% controls Moby, which in turn has controlled Tirrenia since 2015, which has merged its assets into Cin, the Italian shipping company. With the departure of the other partners, Cin and Moby were totally managed by the Onorato group.
THE AGREEMENTS WITH MOBY
Too bad, however, that the commercial agreements between Cin and Moby have been totally unbalanced in favor of the latter. On the basis of the deed of December 31, 2019, Cin boasted from Moby "receivables of 128.57 million euros, of which 90.9 million for collection of tickets not transferred to Cin, 11.6 million for chartering ships and 17.2 million for advance chartering of so-called Chinese ships. On the same date, 31 December 2019, the Moby financial statements show that the latter had a receivable from Cin of 58.8 million euros, of which 38.8 million for motorboat rental and 20 million for unspecified reasons ", explains Il Sole 24 Hours Radiocor Plus .
THE DEBT OF CIN
According to the commissioners, Cin's debt to Moby exploded in 2019, due to mismanagement of the parent company Onorato, while until 2018 it was at physiological levels. And the commissioners also remember that despite Moby had not paid the remaining 180 million to Tirrenia and had a 'monster' debt to Cin of 128.57 million, between 2017 and 2018 it received a further 85 million from the subsidiary between dividends and reserves, bringing the total exposure of Moby towards Cin to 213.5 million.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/come-naufraga-il-rapporto-tra-tirrenia-moby-e-gruppo-onorato/ on Thu, 10 Jun 2021 06:37:37 +0000.