il Messaggero – 23rd January 2020
RB|RD Armatori, a company controlled by Reuben Brothers with the joint venture participation of Rizzo and De Carlini families, has completed the takeover of RBD Armatori.
The transaction according to a press release was a composition plan (Concordato Fallimetare) under the Italian bankruptcy law and was executed under the supervision and approval of the Court of Torre Annunziata (Naples). RB|RD’s proposal was seen by all the stakeholders, including but not limited to creditors and employees, to be the best possible outcome
RB|RD has taken over the majority of the RBD fleet: 7 dry bulkers and 1 tanker. Five tankers were assigned to a major creditor controlled by Pillarstone. RB|RB will have its headquarters in the Naples region and the business going concern will be part of and integrated into the wider Reuben Brothers organization. RB|RD has also taken over the rest of the assets of RBD. That includes the iconic hotel “La Palma” in Capri that is expected to undergo major refurbishment.