16 December 2016 – La Stampa (translated into English)
To settle the Group’ debt with eight banks
On December 6th, at the Milan offices of the law firm Gianni, Origoni, Grippo, Cappelli & Partners following the request of the Principality of Monaco, the Cozzi Parodi Group finalized its debt restructuring plan and then on the same day completed the sale of its Port of Ventimiglia’s shares to the Principality of Monaco.
In order to execute its debt restructuring, the Cozzi Parodi Group agreed another landmark financial transaction which was the part sale of Portosole Cnis Spa to the well-known diversified investors, Reuben Brothers. It is understood from that the Group headed by Beatrice Cozzi Parodi, has sold a substantial share of its controlling interest in the San Remo port, Portosole, with its 800 berths. The financial receipts from the Portsole sale added to an €35m estimated from the Ventimiglia disposal have allowed the Group to clear its debts with 8 of its 9 banks.
The rumours were confirmed yesterday by Roberto Orsini, the Milan CEO over the last 2 years. The Cozzi Parodi Group has struggled with financial problems since 2012. Before the bank deal could be agreed, the Group undertook a thorough internal reorganization of its staff level and roles, as well as with its external suppliers. He said “We are very satisfied. We have managed to finalize two complex transactions according to finance industry. The Principality of Monaco has concluded with us one of their first deals ever in Italy and the Reuben group is a leading name in international finance. We cleared the debt with 8 of 9 banks and only the rescheduled debt with Carige remains outstanding. We now no longer need to look back and can start focusing on the future.”
Will it be enough to revive the fortunes of the port & tourist facility group who provides 2,000 berths in total across, Marina di San Lorenzo in San Lorenzo, Aregai Marina di Santo Stefano and Portosole in Sanremo? Certainly, the transactions did enough to convince the Principality of Monaco to finalize the acquisition of the Group’s entire shareholding in the Ventimiglia Port.