The Italian Sea Group (TISG) is facing overdue debts of €270 million and 38 payment orders from creditors for a total of €2.3 million.
The figures have been released by TISG in its latest filings as the company heads towards a September hearing following its disclosure of financial difficulties.
The overdue debts are listed as €48.7 million in financial liabilities, €85.7 million in overdue accounts, €98.4 million to factoring companies, tax liabilities of €17.6 million and social security liabilities of €19.6 million.
The filing states that there is no overdue debt to employees.
Outstanding amounts
The TISG Group’s financial liabilities towards banks amount to €148.9 million, of which €48,7 million relates to overdue liabilities and €100 million to liabilities not yet due.
The filing warns that due to non-payment of installments, the lending banks may be entitled to declare all outstanding amounts immediately due and payable, including those not yet fallen due.
However, to date, they have not exercised such right in light of the ongoing discussions taking place within the framework of the ongoing Negotiated Crisis Settlement procedure.
Negotiations are currently ongoing regarding some of the outstanding balances to try and reach settlement agreements.
TISG is also aiming for its overdue tax and social security liabilities to be addressed through a tax settlement procedure with the Italian Revenue Agency.
Payment orders
Out of the 38 payment orders, 22 have been settled for €408,000. Others have been challenged or are under negotation.
The payment orders include two that have been served on TISG subsidiary Celi Srl that have been settled in full for €14,000 and the subsidiary TISG Turkey that has been served with precautionary enforcement proceedings brought by a supplier in respect of a claim of approximately €400,000.
A second supplier has requested the precautionary seizure of company assets for a debt of around €300,000.
TISG’s financial difficulties were first disclosed in February 2026 when its board announced cost overruns affecting the majority of contracts that were in progress.
A restructuring plan was due to be filed by August 31. The company is currently operating under protective measures in connection with a negotiated crisis settlement procedure.
Earlier in August, the company announced the opening of a bidding process for investors.
