EMEA News
Giuseppe Bottiglieri Shipping Requests Court Protection From Creditors, but Says It Has No Problems Making Payments
Italy's Giuseppe Bottiglieri Shipping Co. SpA (Giuseppe Bottiglieri) has sought court protection from creditors while it restructures its business, Wall Street Journal reports.
"Due to the unprecedented world freight market crisis, the company has recently prepared a new business and financial plan currently under discussion with the financial creditors to pursue a consensual restructuring," said the company in a statement.
The company notes that it intends to continue operating while the plans are reviewed and negotiated with creditors, as "no enforcement proceedings of whatsoever nature against the company have been made by financial creditors, suppliers, charterers, crew, employees or by any other creditor."
Giuseppe Bottiglieri, principal and president of the shipping company, has since told TradeWinds that the company filed for court protection because of Italian accounting laws, not because of debts.
"This would not happen if I was in Switzerland or Greece," said Bottiglieri, noting that the courts have accepted the company's petition, leaving it with at least two months to present a new plan for the company to the court.
"I want to assure you that we have no problem with my fleet around the world. Everything is paid on time," added Bottiglieri.
Giuseppe Bottiglieri is noted to operate 11 dry bulk carriers and four petroleum product tankers of a collective estimated value of $190 million.
