Creditors have voted in favour of a restructuring plan backing the family of Giuseppe Bottiglieri di Shipping Company (GBSC) and its private equity partners Bain Capital Credit.
The vote was decided after a Court of Appeal in Naples on Monday rejected a rival’s efforts to stop creditors meeting and suspend the voting process, GBSC said in a statement today.
The development deals a setback to Lighthouse, the company jointly controlled by Petros Pappas-led Oceanbulk Maritime and Raffaele Zagari-led Augustea Holdings, which has argued its own restructuring plan would better serve the interests of creditor banks.
