The Italian Sea Group (TISG) has released a statement today confirming the launch of a negotiated settlement pursuant to Articles 12 et seq. of Legislative Decree No. 14 of 12 January 2019, as the company responds to financial challenges that have come to light in recent weeks.
The negotiated settlement procedure is a legal framework designed to safeguard business continuity and facilitate the restructuring of companies experiencing economic and financial imbalance, through a structured dialogue with principal creditors and stakeholders, assisted by an independent expert.
Today, TISG shares have plunged on the stock market. The share price has reached a new 52-week low, reaching -27.90 per cent, with the stock trading around 1.46 euros.
In early March 2026, the Italian boatbuilder launched a forensic financial investigation into ‘unauthorised’ overspending. Last week, MIN also reported that The Italian Sea Group and GC Holding’s CEO Giovanni Costantino has filed a criminal complaint, alleging financial collusion and mismanagement.
The statement confirms that the appointed expert is Enrico Terzani, president of the Order of Chartered Accountants and Accounting Experts of Florence, who accepted the appointment on 13 March.
While the negotiated settlement process is in place, the management of the company remains vested in the corporate bodies, in compliance with the applicable legal provisions. The statement instructs that the company ‘continues to operate in the ordinary course of its industrial and commercial activities, including the ongoing execution of orders in its backlog and the management of its relationships with customers, suppliers and financial partners’.
In the negotiated settlement process, the company, requested the imposition of asset protection measures in respect with all creditors.
The protective measures over the Company’s assets are provisionally effective as of 13 March 2026.
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