Shipowners have rallied to the defence of Italian tanker and bulker operator Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) after private equity firm Pillarstone took over its loans and reportedly filed papers to push it into bankruptcy protection.
The KKR-backed financial turnaround specialist was taken to task by Emanuele Grimaldi, the president of the Confederazione Italiana Armatori (Confitarma), for “very aggressive” behaviour that he believes rings alarm bells for the Italian fleet and could set a dangerous precedent.
