The Italian Sea Group shares jump after troubled yacht maker kicks off sale process

MILAN, Aug 10 (Reuters) - Shares in The Italian Sea Group jumped 10% on Monday after the troubled luxury yacht maker said it had launched a competitive process to identify potential investors as part of its restructuring efforts.

At around 0815 GMT, Milan-listed shares in the yacht maker - which owns brands including Admiral, Tecnomar and Perini Navi - were  9.7% up,  with trading volumes already above the average daily volume seen over the past 30 days.

 The company, which in July entered insolvency proceedings, said late on Sunday the sale process is being managed by Meti Corporate Finance and KPMG Advisory as joint financial advisers, tasked with assisting The Italian Sea Group in identifying and negotiating with prospective investors.

The launch of the competitive procedure followed unsolicited bids for the group's assets. Rival yacht maker Sanlorenzo last month backed a consortium's bid for the company assets, while  investment holding company SRI Global also submitted an expression of interest for the business. Rival yacht makers Azimut Benetti and Ferretti also flagged their interest.

Any transaction could be structured under two alternative scenarios, the company said.

One option is an asset sale involving The Italian Sea Group's shipyards in Carrara and La Spezia, the Viareggio site, the Admiral, Perini, Picchiotti and Tecnomar brands, as well as its stakes in Italian luxury woodworking firm Celi and in TISG Turkey Yat Tersanecilik.

Alternatively, the process could take the form of a share deal through a capital increase aimed at recapitalising the company and restoring the financial and capital conditions required to continue operations as a going concern.

Binding offers are expected by October 15, following an initial round of non-binding indicative bids due by September 15.

(Reporting by Elvira Pollina and Giancarlo NavachEditing by Keith Weir)