Baia Shipyard went bankrupt

With a sentence dating from last december, whose news was confirmed only recently, the Baia Shipyard in Naples have presented their “surrender to the precautionary agreement with bankruptcy motion”. For this reason, the Tribunal of Naples, VII civil section, declared impossible to proceed with the admission of the bailout procedure. The shipyard, which had changed its name into Mericraft SPA after the acquisition of part of company, had begun production in 1961 and was among the founders of Nautica Italiana. Last October the Tribunal had defined a deadline for the presentation of a strategy to save the company as envisaged by the law about bankruptcy. This law requires in fact the presentation of an updated balance sheet, with detailed description of the economical and financial situation of the company, an analysis and valuation of the activities, the list of all creditors, with a plan with an analytical description of the ways and timing to be applied in the bailout procedure. The company did not provide the Tribunal with such presentation, which lead to the examination of the passive state of the company in the month of April.