Florence Court Summons Italian Sea Group Over Financial Position
The court set an October 28, 2026 hearing after judicial commissioners raised issues in a periodic report. The company reported negative net worth as of August 31, 2026.
The Florence Bankruptcy Court has summoned The Italian Sea Group (TISG) for a hearing on October 28, 2026, to address critical issues identified by judicial commissioners in their third periodic report. As of August 31, 2026, the company reported a negative net worth of approximately 422.6 million euros, reflecting a deterioration in its financial and asset position. The court is seeking clarification on these financial metrics and specific governance aspects. In response, CEO and founder Giovanni Costantino has rejected the criticisms, attributing a portion of the financial decline to past accounting entries and maintenance costs.
The company further stated that board members, including Costantino, have waived their compensation for 2026 and that it has verified the independence of its board members.