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Bayesian builder filed for insolvency
The Italian yacht-building group The Italian Sea Group (TISG) has filed for insolvency due to severe financial problems and the threat of lawsuits related to the sinking of the "Bayesian." The sale process for the long-established manufacturer was opened on Aug 10. The holding company was considered the world's 5th-largest provider of luxury yachts over 24 meters in length. TISG owns, among other companies, the Perini Navi shipyard, which built the "Bayesian" in 2008. Following significant revisions, the group's balance sheet shows a loss of €157 million and negative equity of €376 million for 2025. In the first half of 2026, the net loss amounted to a further €16 million on revenues of just under €58 million. Furthermore, Perini Navi received no new orders after the accident. In addition to the massive loss of reputation, cost overruns and internal irregularities plagued the company. Founder Giovanni Costantino and his son resigned from their leadership positions in July. Costantino accuses a group of managers of deceiving him about the true construction costs of several yachts and of falsifying documents. To ensure the payment of salaries, Costantino injected 25 million euros from his personal fortune in February.
Italian Sea Group demanding €456 million for the sinking of the Bayesian
The Italian Sea Group was embroiled in court-supervised crisis proceedings. A consortium wants to take over the yacht builder, and the management has resigned. At the same time, the shipyard was demanding €456 million in damages for the sinking of the "Bayesian." The claim was directed against the owning company and three crew members. However, neither the cause of the accident nor civil liability has been definitively established. "Bayesian" shipyard seeks a way out of the crisis In early July 2026, The Italian Sea Group, or TISG, filed for insolvency proceedings under Article 44 of the Italian Insolvency and Crisis Code at the court in Florence. The court opened the proceedings and appointed three court-appointed administrators. TISG was initially given 60 days to submit a restructuring plan. Protective measures ertr intended to make enforcement more difficult and allow continued operations. On July 20, the CEO and Chairman of the Board Giovanni Costantino and his son Gianmaria Costantino resigned from the Board of Directors. According to the company's articles of association, this also resulted in the dismissal of the remaining board members. They would continue to manage the business on an interim basis until new members have been appointed.
Italian judiciary investigating role of keel
The Italian judiciary was investigating the extent to which the retrieved, 60-ton keel of the 'Bayesian' played a role in the ship's sinking off the coast of Sicily, The investigation focused on the role of three crew members: skipper James Cutfield, engineer Tim Parker Eaton, and the sailor on watch during the fatal night, Matthew Griffiths. Prosecutor Angelo Vittorio Cavallo was investigating whether the three suspects could be charged with multiple manslaughter. The investigation was being assisted by Antonio Scamardella, professor of architecture and naval statics at the University of Naples, and Alberto Marinò, professor of shipbuilding at the University of Trieste. The third man was the naval architect Alessandro Biriaco. The question was what effect the failure to lower the keel had during the thunderstorm, accompanied by a mini-tornado that caused the ship to capsize within minutes. The ship's builder, Perini Navi, had filed a $535 million claim against the wife of the British entrepreneur and charterer of the yacht, Mike Lynch, Angela Bacares, The crew allegedly acted improperly, causing the yacht to sink and damaging Perini Navi's reputation enormously. A complaint for a massive amount of damages has also been filed against the New York Times. The exact amount is unknown. When the 'BayesianÄ was raised by salvagers from Hebo and Smit in June 2025, the keel extended four meters below the ship. Had the keel been lowered completely, this would have been ten meters. The Public Prosecution Service in Termini Imerese, the port where the ÄBayesian' lies on the quay, has until February 2027 to complete the investigation.
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