The Italian Sea Group (TISG) has secured asset protection measures from the Court of Florence as part of the negotiated settlement procedure the company initiated on 16 March, setting the clock running for a maximum statutory duration of four months.

The court found that a restructuring was reasonably feasible and that the required conditions were met, taking into account the group’s industrial and financial proposals. The protective measures also apply to GC Holding (Giovanni Costantino’s holding firm) and Celi.

In practical terms, the order means that for the next four months, no creditor can take legal action to seize the company’s assets, pursue enforcement proceedings, or terminate existing contracts, as TISG has failed to meet its payment obligations. Banks cannot revoke credit facilities already in place on those same grounds. The company can continue trading normally while it works through a structured negotiation with its creditors, overseen by an independent expert appointed by the court, Dr Enrico Terzani.

But more notably for the company is that the court has confirmed that the protections extend explicitly to shipowners with vessels currently in build at TISG’s various yards, preventing them from terminating their build contracts. So the company’s order book is relatively insulated from the immediate legal risk of clients walking away during the restructuring window.

TISG is being advised in the proceedings by Professor Lorenzo Stanghellini and lawyers Matteo Cecconi, Laura Ristori and Alessandro Zanini. The firm says it will continue to provide updates in line with its regulatory obligations.

The group now has until 16 July to reach a full restructuring agreement with its creditors. If no agreement is reached before that deadline, the protective measures lapse and creditors are free to resume enforcement action.

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