The Italian Sea Group SpA

The shipyard group The Italian Sea Group (TISG) has filed for bankruptcy and is up for sale. The company recorded heavy losses (first half net −€16 million; annual loss €157 million, negative equity €376 million) after charges from damage claims related to the sinking of the superyacht Bayesian. Founder Giovanni Costantino stepped down, and several potential buyers such as Sanlorenzo and Ferretti have expressed interest. » More on t-online.de

The owners' holding The Italian Sea Group is insolvent, has opened a sales procedure and is up for sale. Founder Giovanni Costantino and his son have resigned. The causes cited include reputational damage after the sinking of the sailing yacht Bayesian, investigations into the cause of the accident, doubts about the design and internal accounting irregularities. The group includes the shipyard Perini Navi; TISG is considered the fifth-largest supplier of yachts over 24 metres. » More on manager-magazin.de

Yacht group The Italian Sea Group (TISG) is insolvent; founder Giovanni Costantino and his son have resigned and insolvency administrators have opened a sale process. After adjustments TISG reports an annual loss of €157 million and negative equity of €376 million; a further net loss was recorded through mid‑year. Internal irregularities, cost overruns and reputational damage from the sinking of the sailing yacht Bayesian — with ongoing compensation claims — have worsened the crisis. Interested parties such as Sanlorenzo, Ferretti and possibly Azimut‑Benetti have shown interest in the group or parts of it, but the bidding process will take months and the prospect of full compensation payments to victims is now uncertain. » More on faz.net