Trading in The Italian Sea Group’s shares on Euronext Milan was suspended on Tuesday, November 3, a day after the board chose a composition with creditors and named a €220 million ($246 million) offer from SRI Group Global Limited as the basis for it. The Court of Florence examines the proposal on Wednesday, November 11.
Borsa Italiana announced the suspension in its urgent notices, according to Italian business press including Money.it and Forbes Italia. Neither gave a reason or a duration, and the company’s own press release does not mention it.
The release says the board chose a concordato preventivo in continuità indiretta, a composition with creditors in which the business is sold and kept running under a new owner, and that the proposal was filed with the Florence court on November 2. SRI’s offer is for the entire business as a going concern, but it has not been accepted. The board will run a competitive round for a better offer and will amend the plan if one arrives. The buyer would lease the business until the sale closes, and the company expects to sign that lease in the first week of December. Accepting any offer needs the court’s authorisation.
What Shareholders and Creditors Get
The release is blunt on equity: no value is to be allocated to shareholders. Creditors are paid in order of priority, with priority claims paid in full, unsecured creditors receiving about 10 per cent and subordinated creditors nothing. Once the court confirms the composition, the company goes into liquidation.
Why the Accounts Are Late
The board has also postponed approval of its half-year report from November 3 to December 10, which the company links to its assessment of whether it can continue as a going concern. Il Sole 24 Ore reported on October 30 that the company told the Florence court it lacked the resources to maintain liquidity from November through March.
Five Bids, One Chosen
Five binding offers arrived by October 19 in the sale process Powerboat News has followed since the company put Perini Navi up for sale, a field that included a Sanlorenzo-backed bid. Il Sole 24 Ore reported that two remained in contention, SRI and Azimut Benetti, the latter for almost all assets excluding the Turkish shipyards.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
Cite as: John Moore, "The Italian Sea Group Shares Suspended as Restructuring Plan Gives Shareholders Nothing", Powerboat News, 4 November 2026. https://powerboat.news/italian-sea-group-shares-suspended-plan-nothing-shareholders/
