The Italian Sea Group files for insolvency after Bayesian yacht sinking

The Italian Sea Group (TISG), a major global superyacht manufacturer, has filed for insolvency and is being put up for sale. The company’s financial crisis follows the sinking of the superyacht ‘Bayesian’ off the coast of Sicily in August 2024, an incident that claimed the life of British tech entrepreneur Mike Lynch, his daughter, and five others.

In addition to potential compensation claims from Lynch’s widow, Angela Bacares, TISG has faced severe reputational damage and internal turmoil. Founder and President Giovanni Costantino and his son have resigned from their positions. Costantino has alleged that he was betrayed by a group of five managers who allegedly bypassed control systems and falsified documents to hide the true costs of yacht construction.

The company, which includes brands such as Tecnomar and Admiral, also faced a massive €456 million lawsuit against the crew of the ‘Bayesian’ following the accident. While TISG attributed the sinking to crew error, investigations by the UK’s Marine Accident Investigation Branch (MAIB) raised questions regarding the yacht’s design.