The creditors are diverse and there is still no potential buyer who has expressed interest in the shipyard based on the latest valuations. Is it worth saving up on Perini Navi?
On September 30th, after the failed first auction, a second auction will take place for the now closed shipyard and brand Perini Navi, at which the interested parties were unanimously of the opinion that the shipyard was overpriced. In the second auction, the once productive sailing yacht manufacturer is being sold for 56 million euros, which some parties have already rated as too high.
Perini Navi is indebted in the amount of € 133,103,549.91, divided as follows: senior creditors € 30,575,239.80. Approved loan amounts up to € 94,539,735.92 are distributed among senior creditors (€ 24,873,056.19), unsecured creditors (€ 69,666,679.73) and excluded applications to € 38,676,857.01.
The debtor list is interesting to read and ranges from the somewhat weird one with cash debts of a business that delivers Christmas gift baskets to the expected ones such as owner Alberto Platchi Ribera and a variety of banks and public institutions.
Currently, the bankruptcy trustee, Franco Della Santa, has managed to raise € 30.6 million from the sale of the Perini Navi plant in Turkey in May 2021. However, Della Santa was not so lucky to sell the primary assets in Viareggio and La Spezia, neither at the originally proposed price of 62.5 million euros nor at the adjusted price of 56 million euros. Sources suggest that even at the discounted price, there is little real interest in the shipyard and its various assets.
Speaking to a well-known superyacht lawyer at MYS about the value of decommissioned shipyards, they openly suggested that the value of Perini Navi as a brand was nominal, with the only real value being expressed in assets, which is the literal value of the facility there are the machines and the materials they contain, which do not paint a positive image of the once highly acclaimed sailing yacht manufacturer.
While some have suggested that there be at least 20 million and skilled workers understandably have work elsewhere.
However, it is not universally accepted that the Perini Navi brand is of little value, as several people, especially those in the Italian superyacht market, believe that saving the brand would be a good thing. I reserve the right to make a judgment as to whether or not rescuing Perini Navi will bring any real benefit, since the truth of such things is usually discovered in the success or failure of such an attempt.
Questions remain, how did Perini Navi get so deeply in debt and where did all the borrowed money actually go? Is the situation at Perini Navi too toxic to attract the attention of the major superyacht manufacturers beyond their desire to buy Perini Navi’s physical assets and expand their building capacities? Regardless, it seems that these large shipyards still believe that Perini Navi is valued significantly higher than they are willing to pay.
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