TISG Receives Five Binding Asset Offers in Restructuring

The Italian Sea Group has not disclosed whether any of five binding asset offers includes Celi, leaving the Terni yacht supplier’s place in the company’s restructuring sale unresolved.

TISG said it received the five offers on Oct. 19, all structured as asset deals. Two covered the entire business and three covered individual assets. Meti Corporate Finance and KPMG Advisory are assisting TISG’s board in evaluating the offers. TISG did not disclose bidder names or offer terms.

The possible sale perimeter included TISG’s holdings in Celi S.r.l. and TISG Turkey, shipyards in Carrara and La Spezia, a Viareggio site and four yacht brands. The process allowed bids for the whole business, individual units or assets, or combinations. TISG’s announcement did not match any specific bid to an asset, so it did not show whether Celi was included.

A disclosed offer illustrates the range of possible scopes. Sanlorenzo said its Polo Nautico Carrara venture submitted a binding offer for the La Spezia shipyard business unit alone. Sanlorenzo and its subsidiary Polo Nautico Viareggio each own half of Polo Nautico Carrara. Completion remains subject to the process and the offer’s conditions.

Celi is a Terni-based woodworking business serving the yacht industry. In a July 23 statement, Fillea Cgil Umbria put its workforce at about 90 and urged that Celi be considered in assessments of business continuity, a relaunch, a potential buyer or industrial reorganization. The union also cited production slowdowns, irregular supplies, forced vacation use and an August shutdown at the time. Cristiano Costanzi, the union’s organizational secretary, said, “Workers cannot be left in uncertainty.”

TISG’s preliminary, unaudited management figures showed shareholders’ equity of negative €422.651 million as of Aug. 31. The loss for the first eight months of 2026 was €46.140 million. The figures were for TISG S.p.A.

TISG expects to make its choice public around the filing of its restructuring plan, due by the end of October.