Antonio Bianchi, chariman of defaulting women wear producer Ittierre spa, will meet Isernia Court to illustrate details of a proposed arrangement with creditors supported by an offer by Italian investment company Ikf focusing on distressed companies. The last has actually signed a deal with Bianchi, who owns Ittierre, in order to lease the business unit for 3 years at a 300,000 euro per year price and than buy it for 3 million euro (less the 3 years’ rent),
Ikf will conduct the deal by a newco 100 pct owned by Lanificio Botto srl, a 100 pct controlled company active in the textile sector. Ikf ‘s goal is to make Ittiere produce a Lanificio Botto menswear line.
Ikf will sign an agreement with Ittierre’s unions in order to transfer to the newco just 15 workers of 700 in the first 6 months and that reach a 100 target in the next 24 months. Number of workers that might be absorbed depends on the number of licenses that the newco will be able to retain from fashion maisons: today Ittierre’s licenses portfolio consists of Galliano, John Galliano menswear, Aquascutum, Fiorucci, Guy Laroche, Jean Paul Gaultier menswear and Gaultier2.
Ikf’s offer is conditioned to legal and business due diligence results, but it’s Isernia Court that has a final word about the proposed agreement with creditors.