The Italian Sea Group (TISG), builder of Mike Lynch’s Bayesian superyacht, is experiencing mounting difficulties as its CEO and entire board have resigned. Giovanni Costantino, who is also the controlling shareholder, stepped down alongside his son following financial woes at the luxury yacht maker. TISG disclosed unauthorized cost overruns and alleged accounting irregularities in March, leading to court protection from creditors and a restructuring process.

The Bayesian, built by TISG’s Perini Navi brand, sank off Sicily in 2024, resulting in the deaths of UK tech entrepreneur Lynch, his daughter, and five others. TISG has filed a €456mn damages claim against the Lynch estate, alleging negligence caused the sinking and severe damage to the shipbuilder. The Lynch estate has rejected the claim, calling the lawsuit "cynical."

Investigations into the disaster are ongoing, examining possible human error and design vulnerabilities. TISG’s share price has plummeted by nearly 78 per cent in six months, with financial issues extending beyond the yacht's sinking. The company is racing to renegotiate contracts, reduce debt, and secure fresh capital amid faltering negotiations with owners and legal disputes.