The Italian Sea Group’s new board of directors has reappointed Giovanni Costantino as CEO as the yacht builder continues a restructuring process under proceedings before the Court of Florence.
The news comes amid ongoing turmoil for the Italian superyacht yard, which is battling ongoing financial issues and an overspending probe.
A negotiated crisis settlement procedure began on 16 March 2026.
The reappointment of Costantino was made at the board’s first meeting on 9 October 2026, four days after the company disclosed preliminary, unaudited figures showing a €46.14m loss for the eight months to 31 August 2026.
Costantino’s powers as CEO are subject to the limits and authorisations that apply to the court proceedings. He will also take responsibility for the company’s internal control and risk management system.
Chaired by Saverio Schiavone, the board was appointed at the ordinary shareholders’ meeting on 30 September 2026. It will serve until the financial statements for the year ending 31 December 2028 are approved.
The crisis is underpinned by the continuing fallout from the August 2024 sinking of the superyacht Bayesian, built under TISG’s Perini Navi brand. TISG has argued that the disaster – which resulted in the immediate death of seven people, plus a Dutch rescue diver – caused severe commercial damage to Perini and has launched a €456m damages claim against the yacht’s owner, Revtom, and others.
Director Massimo Mallegni will provide advisory support on institutional and industrial relations, with no executive or representation powers and no additional remuneration. Enrico Filippi will continue as secretary to the board.
Following a favourable opinion from the board of statutory auditors, the directors also confirmed chief financial officer Dr Fabio Zanobini as the manager responsible for preparing the company’s financial reports under Article 154-bis of the Italian Consolidated Law on Finance (TUF).
Sabrina Bruno will chair both the control, risk and sustainability committee and the nomination and remuneration committee. Massimo Mallegni and Gabriella Covino will sit on both.
The control, risk and sustainability committee will also handle related party transactions. For transactions of greater significance, only independent directors Bruno and Mallegni will serve on that committee.
The meeting to approve the consolidated half-year financial report for the period ending 30 June 2026 has been postponed from 16 October to 3 November 2026. The company says the delay will allow time to assess binding offers expected to be submitted by 19 October.
In September, TISG-Asia Investment Holding Limited submitted an expression of interest to acquire The Italian Sea Group, or its entire business as a going concern, with financial backing from Hong Kong-based TGG Group.
In July, it was reported that Sanlorenzo had also put its weight behind a proposed consortium seeking to acquire the entire business undertaking of the group.
Updated financial position
In its 5 October release, The Italian Sea Group reported that its loss had increased from €25.59m for the seven months to 31 July to €46.14m for the eight months to 31 August. Cash and cash equivalents fell from €5.28m to €2.85m over the same month, while shareholders’ equity stood at negative €422.65m at the end of August.
The company attributes the increased loss mainly to several additional charges. These include approximately €2.7m in interest, penalties and prior-year taxes relating to unpaid or late-paid tax and social security liabilities.
A further adverse impact of about €7m came from reversing previously agreed write-offs of trade payables and receivables negotiated with suppliers. Those agreements, reached during an earlier negotiated crisis settlement procedure, ceased to be effective following the company’s filing under Article 44 of the Italian Crisis and Insolvency Code. Additional charges relating to intercompany positions with subsidiary TISG Turkey totalled approximately €7m.
The management-reclassified income statement records an overall negative impact of approximately €26m from non-recurring income and expenses. These include supplier invoices without corresponding purchase orders or relating to periods outside 2026, intercompany positions with TISG Turkey and restructuring costs, primarily for legal and financial advice.
The company also says amounts due to banks on long-term loans were reclassified as current financial liabilities following missed scheduled instalments and in light of ongoing moratorium and standstill arrangements.
The figures were filed to meet monthly reporting obligations imposed by the Court of Florence on 3 July 2026, following the company’s petition on 1 July. Prepared under IFRS, they are preliminary management figures and have not undergone a statutory audit or limited review. They do not replace the company’s annual or half-year financial reports.
The Italian Sea Group is listed on Euronext Milan (EXM) and builds and refits motor and sailing yachts up to 140 metres. Its brands include Admiral, Tecnomar, Perini Navi and Picchiotti, while its NCA Refit business provides maintenance and refit services for yachts over 60 metres. The group also works with Automobili Lamborghini on the “Tecnomar for Lamborghini 63”, a limited-edition motor yacht.
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