The Italian Sea Group has filed an application which will enable it to restructure while continuing to operate under the supervision of an independent expert.
The application follows the commencement of a forensic investigation and legal action against former senior executives.
It represents a further step towards addressing the Group’s financial position.
The appointment of an independent expert for the purposes of initiating the negotiated settlement procedure has been filed under the Italian Legislative Decree No. 14/2019.
Protecting TISG’s assets
In the petition, the company has requested the imposition of asset protection measures in respect with all creditors.
The filing protects TISG’s assets, providing the company with temporary safeguards against any creditor actions.
In a statement, TISG says the negotiated settlement procedure is a legal framework designed to safeguard business continuity and facilitate the restructuring of companies experiencing economic and financial imbalance, through a structured dialogue with principal creditors and stakeholders, assisted by an independent expert.
€25 million cash injection
The company emphasises that it is continuing to operate in the ordinary course of its industrial and commercial activities, including the ongoing execution of orders in its backlog and the management of its relationships with customers, suppliers and financial partners.
In February 2026, it was announced that TISG would receive a €25 million cash injection to offset budget overruns.
This was followed by the appointment of advisory firm KPMG to carry out independent forensic due diligence and the filing of a criminal complaint against former senior executives.
The complaint states that the individuals named are alleged to have concealed the actual management of orders.
Dr Enrico Terzani, president of the Order of Chartered Accountants and Accounting Experts of Florence, will oversee the latest process.
