The Italian Sea Group (TISG), owner of the Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920 brands, says the Court of Florence has confirmed the protective measures requested under a negotiated settlement procedure previously announced on 16 March 2026, amid the company’s ongoing financial issues.
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.
The measures also apply to GC Holding S.p.A. and Celi S.r.l. They run for the maximum period allowed by law, which is four months from 16 March 2026.
TISG says the court accepted its application, submitted with the assistance of Lorenzo Stanghellini and lawyers Matteo Cecconi, Laura Ristori and Alessandro Zanini. It says the court found that the required conditions had been met, including the reasonable feasibility of the restructuring plan and the industrial and financial initiatives proposed by the group.
The confirmed measures include a temporary prohibition on creditors from:
- Acquiring rights of first refusal not agreed with the entrepreneur, subject to the expert’s objection pursuant to Article 21 of the CCI.
- Starting or continuing enforcement and interim measures against company assets, or against property and rights used in business operations, including vessels currently in shipyards.
- Obtaining a judgment opening compulsory liquidation proceedings or declaring a state of insolvency.
- Refusing to perform pending contracts unilaterally, terminating them, bringing forward expiry dates, amending them to the detriment of the business owner, or revoking credit facilities already granted solely because of obligations arising before publication of the application.
The company adds that the measures also extend to shipowners and prevents them from terminating existing ship construction contracts.
In a statement, TISG says: “The order enables the company to continue its operations without interruption and to engage with key stakeholders, including customers, suppliers and financial institutions, as part of the process aimed at restoring its economic and financial stability.
The company will continue to provide the market with timely updates on developments in the proceedings, in accordance with applicable regulations.”
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 boatbuilder launched a forensic financial investigation into ‘unauthorised’ overspending. The same month, MIN also reported that The Italian Sea Group and GC Holding’s CEO Giovanni Costantino had filed a criminal complaint, alleging financial collusion and mismanagement.
Earlier this month (April 2026), TISG appointed Fabio Zanobini as CFO, responsible for preparing the company’s financial reports amid the ongoing audit.
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