The Italian Sea Group (TISG) has entered a formal restructuring and agreed a turnaround plan which could involve disposing of non-core real estate assets.
The update follows confirmation in April 2026 that TISG has been granted court protection as it undergoes restructuring.
The business is facing a facing a financial setback and is attempting to stablise the business under a court-supervised restructuring process following the discovery of misconduct by certain senior managers acting in coordination with one another.
The company says the exact amount of losses is currently being determined and depends on ongoing expert assessments and accounting reviews.
Going concern
However, based on preliminary assessments, losses have reduced the company’s share capital below the minimum threshold required by Italian law.
The updates follow a meeting by the company’s board of directors to address the losses, at which it was concluded that with the actions already taken, together with a restructuring plan, conditions for maintaining the going concern assumption remain in place.
The turnaround plan agreed by the board also includes ongoing renegotiations with ship-owning companies, aimed at recovering part of the extra costs incurred on various orders, a revaluation of the companys assets and an agreement with the tax authorities.
Bosses are keen to ensure business continuity, including relationships with suppliers and customers.
The plan aims to rebalance equity within the current financial year and restore the company’s financial stability.
A forensic investigation has been delayed and is currently expected to be completed by the end of June / beginning of July 2026.
TISG consists of the Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920 brands.
