Italian shipowner Giuseppe Bottiglieri filled for bankruptcy protection

Ship Giuseppe BottiglieriThe Italian shipowner Giuseppe Bottiglieri Shipping filled for bankruptcy protection, while working on the restructuring and optimization plan. The company operates a fleet of 16 cargo vessels, including 11 dry-bulk carriers and 4 petroleum product tankers, estimated at total worth of 190 million USD. The Naples-based company Giuseppe Bottiglieri Shipping filled for bankruptcy protection due to unprecedented world freight market crisis, which seriously weighed on liquidity and companies debt in the industry. The Italian shipowner prepares new business and restructuring plan, which aims to improve the liquidity and reduce the company’s debt.

The company stated that will continue operations, while negotiation debt restructuring with creditors.

“As for now no enforcement proceedings of whatsoever nature against the company have been made by financial creditors, suppliers, charterers, crew, employees or by any other creditor”, said the company in official statement.

Giuseppe Bottiglieri Shipping Company SpA was founded in 2005. Its line of business includes operating vessels for the transportation of freight on the deep seas between Italy and foreign ports. The fleet of the company consists of 11 dry-bulk carriers and 4 petroleum product tankers, which form 7% from the Italian shipping.