The Court of Florence in Italy has decided that five yacht owners are no longer covered by protective measures that had stopped them from ending their contracts with The Italian Sea Group, as the company battles ongoing financial issues and an overspending probe.
The Italian Sea Group (TISG), which operates through the brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920, announced the start of a negotiated crisis settlement procedure on 16 March 2026.
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.
TISG later received notice on 14 May 2026 that a hearing had been scheduled for 27 May 2026 to consider appeals brought by five shipowners under Article 19 against the order confirming those measures.
The company attended the hearing through its legal counsel. At the end of proceedings, the judge reserved the decision.
The decision to uphold the appeals of the five shipowners partially reverses the order issued on 20 April 2026 in relation to those parties. As a result, the protective measures no longer prevent those shipowners from terminating their contracts or exercising rights available to them under those agreements.
According to the court, the vessels previously owned by the appellants cannot be included within the scope of the protective measures because they are neither assets of the entrepreneur nor assets considered instrumental to the business. The court also found that the appellants are not creditors against whom those measures can apply, as their right to obtain contractual performance under the pending agreements cannot be satisfied through enforcement or interim measures concerning those assets.
TISG says it will continue to update the market on developments in the procedure and on any initiatives taken in accordance with applicable regulations.
On 22 May 2026, shares in TISG fell by more than 37 per cent following the firm’s announcement of a turnaround plan that may include the “disposal of non-core real estate assets” as part of its ongoing restructuring process.
On Thursday (11 June 2026), Ferretti Group issued a statement denying reports that it had been looking into acquiring The Italian Sea Group, following claims in Bloomberg and Il Sole 24 Ore.
In January, TISG launched legal action in Sicily, seeking almost £400m from the widow of the British technology entrepreneur Mike Lynch, arguing that it suffered severe commercial damage after the sinking of the superyacht Bayesian.
In early March 2026, The Italian Sea Group and GC Holding’s CEO Giovanni Costantino filed a criminal complaint, alleging financial collusion and mismanagement.
In April 2026, TISG appointed Fabio Zanobini as CFO, responsible for preparing the company’s financial reports amid the ongoing audit.
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