Protective measures have been approved by the Court of Florence for The Italian Sea Group (TISG) as it restructures.
The protection was applied for on 16 March 2026 as TISG initiated its negotiated composition procedure. It has been approved for the maximum duration allowed by law – namely four months from the initial filing date.
The Court found that the conditions were met, with particular reference to the reasonable feasibility of the restructuring, also in light of the industrial and financial initiatives proposed by the Group.
The legal ruling allows TISG to continue operating under the supervision of an independent expert and places a temporary prohibition on creditors from initiating and pursuing compulsory liquidation proceedings.
Protective measures
The protection also prevents creditors from teminating pending contracts, from amending them, bringing forward their expiry date or revoking any credit facilities already granted on the grounds of non-performance of obligations arising prior to the publication of the application.
The protective measures also extend to shipowners, preventing them from terminating existing contracts regarding yachts under construction.
TISG has clarified that the order enables the company to continue its operations without interruption and to engage with key stakeholders, including customers, suppliers and financial institutions, as part of the process aimed at restoring its economic and financial stability.
Cash injection
A forensic investigation is currently underway by advisory firm KPMG and legal action is being taken against former senior executives who are alleged to have concealed the actual management of orders.
TISG received a €25 million cash injection to offset budget overruns.
TISG consists of the Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920 brands.
