Pillarstone Italy Invests to Relaunch Premuda
Pillarstone Italy said on Friday it had finalized the acquisition of 100 percent of Italy's Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company.
Pillarstone Italy is a platform set up by U.S. private equity firm KKR to restructure ailing companies.
The shipping industry is in an eight-year downturn due to slowing international trade.
Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda.
(Reporting by Valentina Za)