Italian Sea Group Receives 5 Binding Offers for Assets in Restructuring
Key Facts
The Italian Sea Group announced on 19 October 2026 that it had received 5 binding offers as it completed the second phase of the competitive process being conducted as part of its restructuring. The company said in its statement that the offers submitted were exclusively for asset purchases, as the group seeks to maintain business continuity. Two offers cover the acquisition of the entire business, putting a sale of the whole business among the options before the board. The board is evaluating the offers with the assistance of joint financial advisers MITI Corporate Finance and KPMG Advisory, according to Teleborsa. The process forms part of a negotiated settlement procedure that the company said is based on dialogue with creditors and stakeholders.
The first phase of the sale process attracted 11 non-binding offers in September, according to an earlier announcement by the group on the outcome of that phase. Those offers allowed for either asset or share purchases, before binding offers were limited to assets in the subsequent phase. The company set the revised deadline for binding offers at 19 October 2026, the day it announced the completion of the second phase. In its coverage of the 16 September trading session, Investing reported that the group's shares rose 9.1% following the announcement of the non-binding offers. The price cited in that report was 1.23 euros per share, reflecting the market's response to the earlier announcement of interest from parties in participating in the sale process.
In an offer targeting a specific part of the group's business, Polo Nautico Carrara submitted a binding bid to acquire the assets of the La Spezia shipyard branch, according to Teleborsa. Sanlorenzo attributed the narrowing of the transaction's scope to the information and documents available to it during the proceedings, according to Radiocor. It added that the process timetable was also among the considerations behind the decision to limit the scope of the proposed transaction. In its explanation, it said that "it was considered appropriate to limit the scope of the transaction" in light of that information, documentation and timetable. Completion of the Polo Nautico Carrara transaction remains subject to the outcome of the competitive process and the fulfilment of the conditions set out in the offer, according to Teleborsa.
The sale process is taking place against a backdrop of financial pressure, with the group's net financial debt standing at 182,394 thousand euros as of 31 August 2026, according to its financial disclosure. On the same date, the group's cash balance stood at 2,863 thousand euros, according to the statement submitted to the market. Total overdue liabilities stood at 291,851 thousand euros, an item included in the disclosure alongside debt and cash figures. Investing reported in July on the company's request for court protection from creditors amid its financial crisis. That report said debt-related losses had reduced the company's share capital below the statutory minimum.
The group had previously said the liquidity crisis required a shareholder loan of 25 million euros, approved by the board at its meeting on 18 February 2026. Explaining the negotiated settlement procedure, it said the aim was to preserve business continuity and restructure through engagement with the parties concerned. According to its statement, this includes "structured dialogue with key creditors and stakeholders", with the assistance of an independent expert as part of the proceedings. On management, the new board met under Chairman Saverio Schiavone, according to the company's October disclosure. The board appointed Giovanni Costantino as group chief executive as the evaluation of offers and preparation of the rescue plan continued.
The group is keeping the identities of participants and the terms of their offers confidential to ensure the orderly conduct of negotiations and proceedings, according to its statement on the completion of the second phase. It intends to announce the selected offer in line with the filing of the rescue plan with the court, according to ANSA. The plan is expected to be filed by the end of October, marking the next step in the judicial restructuring process. In its financial reporting calendar, the company postponed the meeting to approve its half-year financial report from 16 October 2026 to 3 November 2026. It said the schedule change was intended to allow sufficient assessment of the binding offers submitted as part of the competitive process.