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06 June 2020 The on-line newspaper devoted to the world of transports 10:01 GMT+2

May 5, 2020

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Pillarstone Italy announces the conclusion of the renegotiation of PB Tankers debt

Four of the company's MR2 ships enter the Finav fund

Pillarstone Italy has announced the conclusion of the restructuring of the debt of PB Tankers, the group's company Pietro Barbaro who has a fleet of five medium oil tankers radius, and the consequent deposit to the feel of art. 182 encore Law Bankruptcy at the Court of Rome. The operation involves two-stage delivery of four MR2 ships from PB Tankers in Finav, Pillarstone Italy's credit management fund shipping sector, which currently has assets under management for a value of more than 500 million euros against nine Italian shipping companies.

Pillarstone Italy specified that today's operation it also strengthens the operational capacity of Premuda, the Pillarstone Italy's ownership of the operations management of a fleet of up to 36 by the end of the year.

"This operation - pointed out the administrator Pillarstone Italy delegate, Gaudenzio Bonaldo Gregori - consolidates Finav's role as a leading player in the shipping industry Italy. We maintain the operation of the fleet in Italy and we continue to invest in a purely industrial logic for growth and become more efficient and efficient competitive markets, ready to meet the challenges Covid-19 pandemic places us. We thank the shareholders and the management of PB Tankers with which in recent months we have started and had a fruitful collaboration."

"The agreement announced today - commented Gianni Barbaro, CEO of the parent Pietro Barbaro - contributes significantly to the process of restructuring of PB Tankers, whose business had been last year blocked and jeopardized by the temporary unjustified inclusion in the list of OFAC sanctioned persons. The agreement allows PB Tankers to restore its economic/financial balance while ensuring continuity continuing the business.'


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