Monday, July 27, 2009

D'Amato is bust

They can sugarcoat it all they want, but it looks like D'Amato will be liquidated, and my best guess, closed down.

From Lloyd's List

John McLaughlin - Monday 27 July 2009

D’AMATO di Navigazione’s recent filing for bankruptcy court protection or concordato preventivo under Italian law is likely to lead to the liquidation of the company’s assets to pay off creditors, sources close to the operation said on Monday.

The procedure will allow the mortgage holders to get 100% of what they are owed and the other creditors 65%.

A spokeswoman for the company said the aim was to satisfy the creditors while maintaining the company as a going concern, though industry sources cast serious doubt on its prospects of survival.

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