Reuben Brothers acquire Italian shipowner assets

The transaction was a composition plan (Concordato Fallimetare) under Italian bankruptcy law and was executed under the supervision and approval of the Court of Torre Annunziata (Naples). RB|RD’s proposal was seen by all the stakeholders, including but not limited to creditors and employees, to be the best possible outcome.

RB|RD has taken over seven dry bulk carriers and one tanker, which account for the majority of the RBD fleet. The remaining five tankers were assigned to a major creditor controlled by Pillarstone. RB|RB will have its headquarters in the Naples region and the business will be part of and integrated into the wider Reuben Brothers organization.

Reuben Brothers has deep expertise in the dry bulk and non-ferrous commodity markets. The wider group includes two shipping subsidiaries, RB Shipping, which operates seven modern Kamsarmax dry-bulk vessels, and RB British Marine, a dry bulk-focused ship management joint venture with British Marine.

RB|RD has also taken over the rest of the assets of RBD. RB|RD was assisted by a team of Italian and international lawyers leaded by Gianni Origoni Grippo Cappelli & Partners (GOP).