Tirrenia Sale on Once Again

The Italian government has reiterated its commitment to privatising state-owned ferry company Tirrenia di Navigazione in one piece, rather than splitting it up. Transport minister Altero Matteoli told Bloomberg that both he and the company’s administrator remained determined to sell the bankrupt company as one entity, following the breakdown of talks between the government and prospective buyer Mediterranea Holding. Rome’s court of bankruptcy subsequently ruled on August 5 that the company was technically insolvent, and approved “emergency financial provisions” to keep its vessels sailing. Parts of the company have already been broken off. Subsidiaries have been given to the regional governments of Campania, Tuscany and Sardinia, and its remaining subsidiary is Siremar, operating services between Sicily and the Italian mainland, while the parent company also runs service from Italy to Sardinia, Corsica and Albania. Overall Tirrenia has a fleet of 62 ferry, ro-pax and freight vessels. Earlier this year 16 potential investors delivered expressions of interest, but many privately said that the company had to be broken up and Mediterranea ultimately made the only bid.

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