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Perini Navi open to offers

The base auction price is set at €62.5million with a fixed security deposit of €10million…

Franco Della Santa, in his capacity of official receiver of the Perini Navi bankruptcy procedure has received authorisation from the bankruptcy judge, Mr Carmine Capozzi, and the creditors committee, to offer Perini Navi for sale. The base auction price is set at €62.5million with a fixed security deposit of €10million to be paid by 17:00 on 28 July 2021, with the final offer with exhaustive details to be submitted by 12:00 on 29 July 2021.

In May 2020, Perini Navi filed an application to the court of Lucca to be admitted to Concordato Perventivo (insolvency proceedings). The period that followed saw Perini Navi enter into a variety of court proceedings in attempt to have its bankruptcy revoked, while a number of businesses, including a Sanlorenzo, Ferretti Group, The Italian Sea Group and Palumbo, expressed interest in acquiring the Perini brand and its assets. One can assume, now that the base price of Perini Navi has been announced and the tendering period has begun in earnest, that these businesses, and perhaps others, will once again be interested in acquiring Perini Navi.

According to an announcement today the assets included in the sales of Perini Navi are as follows:

  • movable and immovable compendium in Viareggio
  • movable and immovable property in La Spezia
  • land in Pisa
  • boat under construction under contract no. 2369
  • brands and patents
  • the share capital (100 per cent) of the company Perini Navi U.S.A Inc
  • existing legal relationships, including but not limited to: (i) employment relationships with the personnel that will be in place on the effective date of the notarial deed transfer of the business complex; (ii) outstanding state concessions for the yards, sheds, docks and areas in Viareggio and La Spezia; (iii) authorisations, licenses, permits, certifications issued in favour of Perini Navi and/or the official receiver for the operation of the business.

The opening for bids is set for 30 July 2021, from 15:00 onwards. According to the notice from the official receiver, in the event of several valid offers that meet or exceed the base price, the highest offer will be accepted, with a minimum raise of €5,000,000.

With facilities in Viareggio and La Spezia. It is clear that Perini Navi’s assets will be of strategic interest to shipyards that are hoping to increase their build capacity. With various reports and market commentators highlighting a boom period for the market’s established shipbuilders, additional facilities and resources will be essential for these businesses to meet demand without drastically impacting delivery times.

While the acquisition of Perini Navi’s physical assets perhaps represents the most obvious benefits for the various businesses that are interested in its acquisition, the market would do well to remember the historical strength of Perini Navi’s brand. Commenting at the time of expressing its initial interest in Perini Navi, The Italian Sea Group commented: “In particular, The Italian Sea Group believes that maintaining in Italy a historic brand such as Perini Navi – the leading player of luxury sailing worldwide – represents a strategic interest for Italy.”

Saving the Perini Navi brand and supporting its heritage may seem like an overly romantic notion, but it does present an opportunity for various market players to break into a new sector without creating a new business or detracting from their current brands, products and USPs.

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