Table relating to the Vittoria naval shipyard in Adria (RO). The process of finding a replacement continues
The table relating to the situation of Cantiere Navale Vittoria SpA in Adria (RO) met today. The meeting, called by the Region, was coordinated by Giuliano Bascetta of the corporate crisis unit of Veneto Lavoro and saw the participation of the regional Labor Directorate, the company and its consultants, Confindustria Veneto Est, the trade unions Fiom Cgil, Fim Cisl and Uilm Uil of Rovigo and the workers’ representatives .
The meeting had the aim of taking stock of the situation regarding the takeover of a new entity in the corporate ownership structure to guarantee the industrial and employment continuity of the historic company, which currently employs 50 workers.
Cantiere Navale Vittoria, which operates under an approved restructuring plan, a procedure introduced by the new business crisis code, is interested in a Management Buyout (MBO) takeover proposal and is communicating with other industrial entities that have signed confidentiality agreements to access company information.
MBO proposal for Cantiere Navale Vittoria: growing interest, need for additional capital
The MBO proposaladvanced by the current managers, who constitute the technical structure and possess the key skills to ensure business continuity, was considered positively by the table also because it is strengthened by the proponents’ commitment to investing their own capital, which is unfortunately insufficient to recapitalize the company and guarantee the finance necessary to start new orders. However, there may already be one or two industrial entities supporting the project who are carrying out in-depth studies and should soon give a definitive opinion.
Compared to the previous roundtable meeting, held just a month ago, the presence of greater interest from other local businesses was also recorded, some of which could be compatible with the MBO project. It was also remembered that Cantiere Navale Vittoria is operational with the full support of the workers: has delivered three boats to the Tunisian navy in recent days and, by July, will complete an order for the Croatian Ministry of the Interior. Potential buyers and investors are aware that the company would not have market problems given that, for the boats up to 35 meters in which it specializes, there is unmet demand and great customer interest. Faced with the deadline of 31 July, what is still missing is a binding and secured purchase proposal that would allow the successful conclusion of the procedure and the relaunch of the plant.
The trade unions and Confindustria Veneto Est have renewed their full willingness to support the relaunch process together with the Region which, also through the Corporate Crisis Unit, will be committed to monitoring the process. The next meeting of the table is scheduled for July 10th.
