The Italian Sea Group declares insolvency after Bayesian yacht sinking

The Italian Sea Group (TISG), the parent company of the shipyard Perini Navi, has filed for insolvency. The company submitted its bankruptcy petition to a court in Florence on July 1, following significant financial losses and a lack of new orders since the sinking of the luxury yacht ‘Bayesian’ off the coast of Sicily in August 2024.

The sinking of the 56-meter sailing yacht resulted in seven deaths, including British technology billionaire Mike Lynch and his daughter, Hannah Lynch. Experts suggest the vessel was struck by a powerful downburst with wind speeds reaching 130 kilometers per hour, causing it to sink in approximately 15 seconds.

In addition to the loss of business, the shipyard faces massive legal claims. Angela Bacares, the yacht’s owner and widow of Lynch, has filed claims against the shipyard, alleging that former TISG chief Giovanni Costantino had publicly described the vessel as ‘unsinkable’. TISG has denied liability, instead filing a 456 million euro lawsuit against the yacht’s owner, the captain, and crew members, alleging that hatches and doors were left open during the storm.