Pillarstone supported the setting up of Fi.Nav., a closed-end multi-compartment Italian alternative investment fund (AIF), reserved for professional investors as per article 6, paragraphs 2-quinquies and 2-sexies of Italian legislative decree no. 58 of 24 February 1998, intended to acquire credits and assets in respect of the shipping sector.
Today, Fi.Nav has acquired from Unicredit and Intesa Sanpaolo more than USD 342 million of receivables secured by mortgages over vessels originated vis-à-vis more than no. 5 Italian shipping companies.
With Fi.Nav., Pillarstone continues to consolidate its presence in the shipping sector following the acquisition of the entire share capital in Premuda and the purchase of 5 ships from the bankruptcy proceedings of Rizzo-Bottiglieri-De Carlini Armatori.