The Italian Sea Group (TISG) has announced the partial lifting of protective measures imposed by a court order in April.
The lifting follows the upholding of appeals filed by five yacht owners who had previously been prohibited from terminating their respective contracts and from exercising other rights under the contracts.
The court found that the yachts formerly owned by the appellants cannot be subject to protective measures as the owners are not creditors and the yachts are not instrumental to TISG’s business.
The court judgement is the latest development in TISG’s rebalancing process after discovering budget overruns on many yacht builds.
TISG initiated a negotiated crisis settlement procedure in March 2026 and entered court ordered protective measures in April.
Appeals were put in by five yacht owners against the order in May.
Rebalancing plan
TISG is continuing discussions with its main stakeholders, including yacht owners, suppliers and financial institutions, in connection with its economic and financial rebalancing plan.
The Group has received a €25 million cash injection to offset budget overruns. The Group had previously stated it is increasing operational activities across its shipyards, with the aim of reaching full operations early in June.
A forensic investigation is currently being carried out by advisory firm KPMG and legal action is being taken against former senior executives who are alleged to have concealed the management of orders.
TISG consists of the Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920 brands.
