More time for Moby and CIN

By | 2022 Newsletter week 7 | No Comments

Moby S.p.A.” announced on February 15, 2022, that the Court of Milan has granted to the Company and to its subsidiary, CIN S.p.A., a deferral of the meeting of creditors, as result of a filing to the Court, last January 19, of the new continuity Plan.

The new meeting dates have been set for 20th and 27th June 2022, respectively for Moby and CIN, setting the date for 31 March 2022 as a deadline for filing, inter alia, the agreement with Tirrenia di Navigazione SpA in Amministrazione Straordinaria, which represents the main CIN creditor, missing from the consent to the restructuring plan, which has seen the two Companies overcome the difficulties of the pandemic repositioning itself as a leader in the reference markets.

(Message by Moby’s investor relations communication)

State Aid: European Commission Clears Public Support For Several Ferry Services In Italy; Finds Other Measures To Siremar And SNS To Be Incompatible Aid

By | 2021 Newsletter week 25 | No Comments

The European Commission has concluded that the public service compensation granted since 2009 to Sicilia Regionale Marittima S.p.A. (‘Siremar’) and Toscana Regionale Marittima S.p.A. (‘Toremar’) for the operation of ferry services in Italy is in line with EU State aid rules.

The same applies to the compensation granted to their acquirers, respectively Società Navigazione Siciliana (‘SNS’) since 2016 and Moby S.p.A (‘Moby’), since 2012.

However, the Commission found that certain other measures in favour of Siremar, currently in liquidation, and SNS are incompatible with EU State aid rules.

Italy must now recover approximately €1.9 million of illegal aid, including interest.