Perseverance Group, concluded renegotiation of the debt of 250 million with the Finav and CCR Shipping funds

Perseverance currently operates with a fleet of eight bulkcarrier and crude oil and product tankers. Under the agreement, major creditors Finav-Pillarstone and Dea Capital Alternative Funds SGR will become owners of seven bulker ships and tankers guaranteeing their respective credits and that will remain for a period of time management of the Neapolitan shipping group.

In detail, the transaction involves, among other things, the transfer on one side of four ships in Finav, which currently manages assets to a value of more than 500 million dollars against nine Italian shipping companies, and on the other of three ships DeA CCR Shipping, which has 200 million dollars under management in the eight shipping companies.

Pillarstone Italy and Dea Capital have pointed out that this complex agreement, which has a total value of 250 million and also involves Taconic and Hcob, it affects as many as four companies group and ensures business continuity the ultra-school company that has been operating for four generations Market.

"With the agreement announced today ," he explained The CEO of Pillarstone Italy, Gaudenzio Bonaldo Gregori - on the one hand, the continuity of a companies that have made great Italian navigation in the world and on the other we strengthen with further investment Finav's growth path as a player in the industry shipping in Italy.'

The CEO of DeA Capital Alternative Funds SGR, Gianandrea Perco, specified that "the operation allows the CCR Shipping Fund managed by DeA Capital Alternative Funds SGR carry out their debt collection mandate through the repossess and the enhancement of three naval units will continue to be managed while safeguarding skills specifics of those who have operated them to date. For the JRC Fund Shipping - he recalled - this is the fifth operation in 18 months after launch."

"We are delighted," said the CEO Perseverance group, Angelo D'Amato -- to have managed to achieve a complex agreement, but always with the support of the two creditors, which will enable complete restructuring debtor position, after a long period of crisis, ensuring business continuity. We will face with renewed confidence in the new challenges that will come from the market, strong collaboration and trust of our new partners."

They acted as legal advisors to creditors Linklaters, Cleary Gottlieb, Bonelli Heir & Pappalardo, Watson Farley in addition to the Berlingieri Maresca Studio. Legance, on the other hand, acting as a legal advisor to the company. KPMG and VSL, on the other hand, served as financial advisors and industry to support the operation.