The reverse merger between Moby and CIN – Compagnia Italiana di Navigazione– originally set to be completed before the end of 2018 have been officially postponed by the group controlled by Vincenzo Onorato.
In a statement published on the Luxembourg stock exchange, where the €300m bond is listed (current price stands at 42% of the original value), it is written that “In the context of the procedure under the Italian Civil Code that allows creditors to bring proceedings to oppose a merger project within 60 days from its publication, a challenge against the proposed reverse merger of Moby into CIN has been served on the Companies by the Commissioners of Tirrenia di Navigazione S.p.A. in Extraordinary Administration”.
Moby is confident that “there are no reasonable grounds for Tirrenia in AS to stop the reverse merger, as it does not prejudice any creditors”. Based on that, the Onorato-controlled companies are fully confident that the Court will rule in favour of the reverse merger. A decision is expected within the first six months of 2019.