The Italian Sea Group (TISG), which owns such brands as Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit and Celi 1920, starts taking protective measures after its share capital falls below legal minimum
The Group was plagued by dramatic financial and reputational losses throughout 2025. A decline in revenue was announced in the first half of the year by the TISG founder and CEO, Giovanni Costantino, who attributed the situation to geopolitical and economic tensions caused by the US protectionist policies and additional import duties
Meanwhile, legal proceedings related to the sinking of the Bayesian superyacht went on. Constantino insisted the superyacht was "unsinkable" and the tragedy was due to the errors made by the crew. He even sued the widow of the deceased owner, British billionaire Mike Lynch, for €460 million. In his opinion, her accusations against the yacht’s design became a colossal blow to TISG's image and caused multi-million dollar losses.
At the same time, The Italian Sea Group did its best to maintain the position of one of the largest global players in superyacht construction and refit sector, and in September 2025 it presented an impressive collection of six new models from its flagship brands at the Monaco Yacht Show: the 77.,5-metre Admiral Amalya, the 72-metre Admiral Giorgio Armani, the 555-metre Admiral Raja² 55м, the 60-metre sailing Perini Navi Katana, the 24-metre Picchiotti Gentleman and the Tecnomar for Lamborghini 101FT.
In March 2026 the TISG initiated an independent forensic investigation into “significant extra-budget costs”, and Giovanni Costantino filed a criminal complaint against some of the company’s senior executives, who allegedly acted in coordination with each other.
The investigation conducted by KPMG Advisory revealed significant extra-budget costs across the order portfolio. TISG said officially admitted the losses significant enough to reduce its share capital below the minimum level required by Italian law. Article 2447 of the Italian Civil Code requires mandatory corporate action and the activation of protective measures under Italy’s Crisis and Insolvency Code, so in April 2026 the court of Florence granted protective measures as part of the negotiated composition procedure to restructure the company.
On 21 May 2026 the Board of Directors confirmed the company was operating within a formal restructuring framework in order to address the financial shortfall and restore its capital position. The measures included revaluation of real estate assets, potential disposal of non-core property assets, renegotiations with ship owning companies to recover extra costs on existing contracts and the possibility of an agreement with tax authorities.
The company acknowledged that crisis was largely caused by certain senior managers’ misconduct and that they were acting in coordination.
TISG believes the restructuring will allow it to maintain its status, reallocating capital in the current financial year and ensure the ability for further growth.
The Italian Sea Group also confirmed it will continue to update the market as required by the EU Market Abuse Regulation.
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