Failed Port of Imperia spa, new (and ugly) scenarios open up

With the bankruptcy of the Port of Imperia spa, a company 33 percent owned by the Municipality of Imperia, Francesco Bellavista Caltagirone’s Acquamare and a string of local entrepreneurs, a “hot” summer of lawsuits and litigation is on the horizon.

THE MORTGAGE PROBLEM…
With the composition scheme (which had been issued to save the company from bankruptcy) with Giuseppe Argirò as its sole administrator revoked, the marina is expected to become a public asset again, with all the pitfalls involved: first and foremost, that relating to the mortgage. Once the banks submit the bill and the receivers object, it is a foregone conclusion that a dispute will arise that must be resolved judicially.

…AND BERTHS
And in the meantime, the never-completed work on the marina dreamed up by Caltagirone and Scajola may be paralyzed. Finally, and this is of greater concern to boaters, those who had purchased a berth (effectively funding the construction of the landing) stand to lose money and mooring. Already last year, the first lawsuits had come to Acquamare, especially from owners of larger berths, such as the “king of bolts” Reinhold Würth (owner of the 85-meter yacht “Vibrant Curiosity”)

THE CAUSES OF FAILURE
The bankruptcy judgment, which came after the collegial court in Imperia last May 14 heard Argirò take a few days to decide on the revocation of the arrangement, is the result of the financial collapse of the investee company: a collapse attributable, according to investigators, precisely to agreements between the spa itself and Acquamare (with Caltagirone on trial in Turin on charges of defrauding the state precisely for the marina construction work), And quantifiable as 280 million in bank debt, who have the mortgage on the port facility. In addition, the company has a dispute with the Internal Revenue Service for 140 million euros in evaded taxes.

IS THERE A WAY OUT?

There could only be a way out of the thorny situation with the entry of a large entrepreneur who, agreeing with the banks, could apply to the City of Imperia to take over the entire stake. A few years ago Paolo Vitelli of Azimut had shown interest: only speculation, then. Let’s get ready for a fiery summer.