Italy's TISG Sets €220 Million Reference Offer for Overall Business Acquisition

en.Wedoany.com Reported - On November 2, the board of directors of Italian superyacht manufacturer The Italian Sea Group (TISG) selected the overall business acquisition proposal submitted by SRI Group Global Limited from five binding offers as the reference offer for its crisis resolution plan, and on the same day filed an application for indirect going-concern preventive settlement with the Court of Florence. SRI Group is held 52% by Italian investor Giulio Gallazzi and 48% by Bernardo Vacchi.

The financing structure of the offer is divided into two parts: consideration of €220 million for the transfer of the business as a whole, plus subsequent investment of €40 million, for a total committed amount of €260 million. This consideration is primarily used to repay creditors. Under the settlement plan, secured creditors and procedural costs will be paid in full, unsecured creditors are expected to recover approximately 10%, subordinated creditors are not within the scope of recovery, and shareholders will receive no value distribution.

TISG stated in its announcement that the selection of the offer does not constitute acceptance of the offer nor does it produce the effect of business transfer; the final transfer must be approved by the Court of Florence (omologa) before it can be executed. The transaction adopts an "indirect going-concern" model: the business assets will first be leased to SRI Group for operation, with the lease contract expected to be signed in the first week of December; after court approval, TISG will enter liquidation, and the business will be taken over by a third party to maintain continuity of production and employment. The court's review hearing on the settlement plan is scheduled for November 11.

The board has simultaneously launched a re-tendering phase, committing to amend the plan and proposal accordingly if an offer superior to the SRI proposal is received. This means that €220 million is the current baseline, not an immutable final price. On management arrangements, SRI Group has designated Vincenzo Poerio—former executive at Benetti and Tankoa—as chief executive officer of the new company intended to take over TISG's assets; Poerio has resigned from Tankoa. TISG has postponed its board meeting to approve the 2026 half-year report from November 3 to December 10.