The Italian Sea Group seeks negotiated settlement
The Italian Sea Group (TISG) has initiated a negotiated settlement procedure under Article 12 of Italy’s Legislative Decree No. 14/2019, a legal framework designed to support companies facing financial pressure in reaching structured agreements with creditors.
The process allows TISG to pursue a financial restructuring while continuing normal operations under the supervision of an independent expert. As part of the filing, the company has also requested protective measures on its assets, temporarily shielding them from creditor actions during the negotiation phase. Dr Enrico Terzani, president of the Order of Chartered Accountants and Accounting Experts of Florence, has been appointed as the independent expert and formally accepted the role on 13 March 2026, activating provisional asset protections.
Despite the proceedings, TISG has confirmed it will maintain full operational control, continuing to execute its order backlog and manage relationships with clients, suppliers and financial partners without interruption. The move follows an internal investigation into significant cost overruns across several yacht projects, which recently led to a criminal complaint against former executives. An independent review led by KPMG is currently underway, with an initial findings report expected in mid-April, while the group’s 2025 financial results have been delayed pending further clarity.
