Moby signs standstill deal as restructuring looms

moby from company 230x150
By Owen Sanderson
12 Feb 2020

Italian shipping company Moby Lines has signed a standstill agreement until the end of the month with bondholders and requested that senior lenders also refrain from enforcement, as restructuring talks progress.

Moody's downgraded the troubled ferry and shipping operator's senior secured debt to Ca at the end of last year, as the company ran up against hard liquidity limits and faced other troubles, including a European Commission investigation, an Italian antitrust ruling, and capital expenditure on emissions scrubbing equipment.

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