Premuda debt restructuring

Italian tanker and bulker owner Premuda is in debt restructuring plan with private equity firm Pillarstone that might end up Premuda delisting from the Milan bourse. Private Equity company Pillarstone Italy will be left as the largest shareholder of the Premuda which was formerly controlled by the Rosina family, Generali Insurance and Duferco. Italian tanker and bulker owner Premuda has debts of EUR 335m ($350m), while its Milan-listed operation has debts of EUR 94.5m, but suspended capital payment on loans in June 2013 and stopped making interest payment in December 2014. Tremendous losses are likely to wipe-out existing shareholders capital at Premuda.