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)