The Genoa-based, Rosina family-controlled company is said to be close to a deal involving its creditors and Pillarstone, a debt management platform established by US private-equity giant KKR run by former banker John Davison.

The Italian shipping company, which has been seeking to restructure more than EUR 300m ($339m) of debt for three years, is thought to be benefitting from an agreement involving Pillarstone and Italian banks Unicredit, Intesa SanPaolo and Carige.