Coronavirus Emergency

Onorato: we are suffering at the moment

by Port News Editorial Staff

“We are suffering: our first source of income, passenger traffic, has been practically eliminated” Vincenzo Onorato, President of Moby Lines, comments on Facebook on the particularly delicate situation that the shipping company is currently going through .

“At 62, I’ve never spent a day without a fight. For many months now, we have all been fighting the onslaught of hedge funds designed to tear us apart for purely economic interests. We have faced attacks by competitors increasingly determined to destroy our life at sea,” the shipowner concluded, referring to the group’s financial difficulties.

Just a few days ago, the company informed Luxembourg Stock Exchange that it had not been able to repay the coupon on the 300million euro bond maturing in 2023.

The bond was issued by the Onorato group itself to purchase the Tirrenia fleet. ” The tolerable period for non-payment of interest and amortization has expired, and consequently there has been a default in relation to the bonds and the senior facilities contract” Moby wrote in a note sent to the Luxembourg Stock Exchange.

Despite the current difficult circumstances, the company has indicated that it is “actively engaged in ongoing discussions with an ad hoc group of bond holders.”

Translation by Giles Foster

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