March 31, 2017 / 1:48 PM / 4 months ago

Pillarstone Italy says to invest 50 mln euros to relaunch Premuda

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MILAN, March 31 (Reuters) - Pillarstone Italy said on Friday it had finalised the acquisition of 100 percent of Italy's Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company.

Pillarstone Italy is a platform set up by U.S. private equity firm KKR to restructure ailing companies.

The shipping industry is in an eight-year downturn due to slowing international trade.

Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda. ($1 = 0.9355 euros) (Reporting by Valentina Za)

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