Global law firm White & Case LLP has advised UniCredit S.p.A. and Intesa Sanpaolo S.p.A. on the sale of a portfolio of ship mortgage loans to the alternative fund Fi.NAV., managed by the Irish company Davy Global Fund Management, with Pillarstone Italy S.p.A. acting as advisor.
This is the fourth sale of non-performing shipping loans carried out for the fund since it was established in February 2019, equating to more than US$500 million in total. The transaction is part of a broader operation aimed at creating a technical and commercial management platform dedicated to the acquisition of non-performing receivables owed to leading Italian financial institutions by Italian and foreign companies operating in the shipping sector. The objective of the platform is to manage, improve and enhance these assets, for the ultimate benefit of the fund's participants.
The White & Case team in Milan which advised on the transaction comprised partners Gianluca Fanti and Giuseppe Barra Caracciolo together with associates Angelo Messore and Rocco De Nicola.
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