The Osanna Group could be the savior of the Vittoria Shipyard
No confirmation from Francesco Osanna, the owner of the company which already has its own division called Osanna Maritime
Francesco Osanna, founder and CEO of the Osanna Group based in Latina, is considering acquiring a majority stake in the Vittoria Shipyard. The news, published today in the Veneto Courier, could represent a real turning point for the Adria shipyard which – as recently reported by SHIPPING ITALY – has recently initiated the process for a negotiated resolution of the crisis it is experiencing, which affects the fate of over 70 employees and another 300 in related industries. The company turned to the Rovigo court after being denied the renewal of its credit lines by banks.
Vittoria Shipyard's assets consist of a backlog of orders worth €114 million and an inventory value of €38 million. Trade payables are approximately 15 million, and bank exposure is around €20 million, which is why credit lines have been frozen.
The shipyard's difficulties, as shown in its 2022 financial report, were caused by the pandemic, which slowed production due to supply delays, further exacerbated by the war. Furthermore, "The Russian-Ukrainian conflict caused a sudden increase in material costs, particularly steel, which could not be passed on to customers," the document states. The company therefore intervened, asking the court for protective measures to protect it from creditors' claims, such as finding an investor to acquire a majority stake in the company.
The proceedings will conclude in early November, meaning the court will have 180 days to rule. Meanwhile, Cantiere Vittoria has not released any comments regarding the potential investment by businessman Osanna.
The Vittoria Shipyard was founded by the Duò family in 1927 and is still under their control today. With this restructuring project, the family intends to sell the majority of its shares and also exit (as announced in September) from the Vittoria Yachts division Thus remaining solely in the shipbuilding division specializing in the construction of defense vessels, whose clients include the major armed forces, ministries, and navies in the Mediterranean basin and beyond. Over the course of its operations, the Vittoria shipyard has launched over nine hundred ships and vessels of various types.
Among the potential investors, according to what SHIPPING ITALY has learned, in the recent past the name of had also emerged Fincantieri.
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