There is a high probability that Shoreline Mall and its complex financial structure are going to be restructured, and not just because the company is unable to sustain its bond payments or because of chronic liquidity pressures. Shoreline Mall may also be heading toward restructuring because its shareholders recently hired a director who apparently specialises in restructuring distressed assets.
The new director hired by Shoreline is Robert Ancilleri, an accountant who appears to specialise in distressed companies and in resolving liquidity and sustainability problems within corporate structures.
Apparently, he is the kind of director you hire when your company is already in trouble — almost serving as a negative indicator for the financial health of a company through his mere presence.
Ancilleri was previously involved in the winding up process of Daniel’s Shopping Complex, which defaulted on its creditors, and was also appointed by the MFSA as the competent person overseeing Pilatus Bank after the bank was effectively shut down following US sanctions and regulatory intervention. He later resigned from that role shortly afterwards.
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