Sanlorenzo interested in swoop for The Italian Sea Group
Sanlorenzo is interested in joining a consortium planning to acquire beleaguered yacht brand The Italian Sea Group (TISG).
TISG, which owns Admiral, Tecnomar and Perini Navi, is undergoing insolvency and restructuring following a series of financial irregularities.
Sanlorenzo executive chairman Massimo Perotti says the company is motivated to preserve jobs and safeguard Italy’s marine industry.
“Our intention is to bring to the project the industrial strength, expertise and long-term vision of Polo Nautico Carrara’s shareholders, in order to enhance the local industrial ecosystem and promote the excellence of Italian craftsmanship worldwide,” he said.
Earlier this month, Giovanni Costantino resigned as CEO along with his son, Gianmaria Costantino, its chief commercial officer.
The resignations triggered the requirement to replace the entire board of directors.
Through his company GC Holding, Giovanni Costantino holds 53.6% of The Italian Sea Group’s shares.
The company said the pair did everything possible to address the crisis within the business.
The Italian Sea Group is undergoing a forced restructuring after discovering unauthorised cost overruns. It filed a criminal complaint against several former senior executives.
Earlier this month its board filed for insolvency in Italy with a view to maintaining business continuity.
The company received court protections to prevent creditors enforcing claims and impairing restructuring. It received further protections after talks with clients with projects in build faltered.
