The Italian brand, an icon of yachting worldwide, risks disappearing from the market forever due to the serious financial crisis that has hit it in recent years and which has led to this sad ending.
In fact, the latest attempt by the property, which in May 2020 presented a restructuring plan for the debt accumulated by the Italian company, was worthless.
The plan was not considered suitable by the court of the city of Lucca which a few days ago declared the definitive bankruptcy of Perini Navi.
The causes of Perini Navi’s bankrupt
The Viareggio manufacturer, the legend of Italian shipbuilding, had already suffered a bad economic backlash in 2008, due to the financial crisis which then led to a world crisis. The economic crisis of those years in fact involved the entire nautical sector with a dramatic decline of over 90% and the failure of an impressive number of shipyards and operators in this sector.
The slow decline of the company begins in these years and they will no longer be able to recover, collecting a long series of errors that have condemned it to the sad ending we are witnessing today.
The first signs of the real difficulty of the shipyard date back to 2017, which sees the entry of the Tabacchi family as shareholders which, during the following year, acquired the majority of the company.
The new management, unfortunately, fails to solve the shipyard’s problems which are instead gradually worsening.
Thus we come to the present day when crushed by over 100 million debts, the company presented a restructuring plan which, among other things, provided for the entry of the Blue Sky investment fund with a capital share of 30 million euros.
However, the court considered the guarantees offered insufficiently and in recent days bankruptcy was declared with the shipyard put into provisional operation and the bankruptcy trustee Franco Della Santa was placed at the helm of the company.
A final rescue hypothesis actually came, a few months ago, from the Sanlorenzo shipyard which seemed to be interested in taking over the company and had made an offer to the Tabacchi family. However, everything was resolved in nothing.
Perini Navi: a brand rich in history and innovation
Perini Navi, born in 1983, was, until the 2008 crisis, one of the stars of Italian shipbuilding in the world.
Born from the genius of Fabio Perini who, as a worker in the paper district, made his fortune by inventing modern machines to produce soft toilet paper.
Over the years, the success and fame of this company grew considerably, becoming more and more internationally known. Many illustrious personalities such as Rupert Murdoch and Silvio Berlusconi trusted their yards.
The turning point that made this brand famous all over the world was the invention of the so-called “easy sailing”, a system capable of considerably reducing the number of crew members needed to steer large ships and yachts. How? The key was the invention of the reel captive winch, a system of automatic winches, driven by electronically controlled electric motors that allowed a small crew to remotely control a large number of previously manual operations.
Ships became works of art before the bankrupt
Over the years, the Perini shipyards have given birth to some of the most admired boats ever.
Starting with the first sailing yacht built in 1983, the Felicità, (today Clan VI) 40 meters long, this glorious brand has given life to many orders.
From the Maltese Falcon, a 88 meters long sailing yacht armed with the so-called “Falcon Rig” with three rotating carbon masts and quadrangular sails for 2,400 square meters of surface, passing through the 48-meter Morning Glory sold to Rupert Murdoch or even the 42 meters Princess Vaivia by Silvio Berlusconi, just to name the best known.
Since 2004, during September, a long series of yachts had an appointment in Porto Cervo, at the Costa Smeralda Yacht Club, for the Perini Cup, a Perini Navi-branded sailing ships reserved regatta.
Now what?
Today the only possibility for the brand to survive seems to be a bankruptcy auction. Among the possible participants, there are certainly the Ferretti and Sanlorenzo shipyards, both Italian, which had already expressed interest in the past.
The hope is that some of these big players will consider the opportunity of investment and step forward to buy the company, saving the prestigious brand and the approximately 100 jobs it guarantees.
The verification of the company’s liabilities is scheduled for the next 22 of June. It will take time, subsequently, to understand what will become of the factory.
Meanwhile, the employees currently in force at the company will be placed partly in layoffs and partly will probably continue to work to finish the latest orders in progress, including the sailboat of Larry Ellison, founder of Oracle.
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