As of October 19, 2026, the Italian yacht group TISG has received a total of 5 binding acquisition offers, but each proposal covers different areas, leaving the future of Celi and its approximately 90 employees uncertain. It is reported that the offer of 260 million euros made by Sri Global Limited includes the yacht interior decoration business, while the other bids mainly focus on the assets of individual shipyards.
Key Points
- TISG received two proposals for the entire group, as well as three quotes for individual assets.
- It is reported that the plan for Sri Global includes Celi, and there are plans to retain 485 employees.
- Fillea Cgil Umbria has been expressing concerns about production and employment issues since July 2026.
The financial crisis and legal proceedings of TISG
The crisis of the Italian shipbuilding group began in February 2026, when the company discovered significant additional costs associated with the yacht projects that were under construction. Subsequent internal investigations led to complaints against the former management.
In July 2026, the group applied to the Florence court to enter a "reserved settlement procedure" ( concordato with reserve ). The following month, the company began looking for investors.
The commissioner appointed by the court reported that as of August 31, 2026, the company's net assets were negative 42.26 million euros, and it incurred a loss of 46.1 million euros in the first eight months of that year. The commissioner also noted that the company is expected to require approximately 17 million euros in financing by March 2027.
The acquisition offers from Italy TISG cover a variety of different assets.
TISG indicates that among the 5 binding proposals, 2 cover the entire corporate asset portfolio, while the other 3 are targeted at individual assets. The deadline for collecting quotes is October 19, 2026.
It is reported that Sri Global Limited, which is associated with Giulio Gallazzi and Bernardo Vacchi, has submitted a plan totaling 260 million euros. Of this amount, 220 million euros are to be used for industrial assets, and 40 million euros are intended to support the restart of operations. The plan covers the shipyards of Marina, di, Carrara, and La Spezia, as well as the Turkish subsidiary and Celi. It is also planned to retain 485 employees within the scope of the proposed transaction.
Polo Naut token issuance supported by Sanlorenzo has been confirmed. The quotation only covers the La Spezia factory area. Baglietto has also confirmed that a quotation has been submitted. Azimut-Benetti initially expressed interest in the entire asset package.
Celi Employees Seek Protection in Reorganization
Fillea Cgil Umbria calls for Celi to be fully incorporated into any restart, acquisition, or industrial restructuring plan. The union raised concerns about production continuity and employment issues as early as July 2026.
Celi is located in Vascigliano near Stroncone, specializing in the interior decoration of luxury yachts. The Carrara group has been controlling this company since 2023.
The union mentioned that Celi is facing issues such as slowed production, intermittent supply, mandatory vacations, and an extended summer shutdown until August. The union also requested a meeting and hopes that the provincial governor's office of Terni and the regional government will participate.
For the employees of Celi, as the scope of coverage of the acquisition bids from Italian TISG varies, the company's future remains uncertain. It has been reported that Sri Global has explicitly included this business in its plan, but the acquisition process has not yet determined the outcome for its approximately 90 employees.
Florence court reviews the recovery process
The Florence court has scheduled a hearing to review the current situation of TISG, the offers received, and its path to recovery. The relevant proceedings also cover financial reporting and corporate governance issues.
Matters to be reviewed include: accounting information issues raised by companies that have submitted binding quotes, directors' remuneration, and the independence requirements for the newly appointed directors Sabrina Bruno and Massimo Mallegni.
TISG CEO Giovanni Costantino stated that he and the other board members are willing to forgo their salaries.
This article was completed with the assistance of artificial intelligence and has been reviewed by an editorial team.
Amelia Tomasicchio
As a digital marketing expert, Amelia entered the fintech industry in 2014 after writing a thesis on Bitcoin technology. She had previously contributed to several international crypto-related magazines and served as the chief marketing officer for Eidoo. She is currently a co-founder of The Cryptonomist. She also works as a marketing instructor at Digital Coach in Milan and has published a book about NFT for an Italian publisher Mondadori. Additionally, she is helping artists and businesses enter this field. As a consultant, Amelia has also participated in projects related to the metaverse, such as The Nemesis and OVER.
