The Court of Bologna admitted Italian luxury shoes maker Bruno Magli to an insolvency procedure (Italian concordato preventivo , art. 161 Legge Fallimentare) yesterday, after the unique shareholder, the Swiss Da Vinci Invest fund, failed to save the company.
The Court said that crucial conditions to be met are keeping headquarters in Bologna and the coverage of the whoile debt of about 18-20 million euros. Lenders and creditors will meet to vote on a specific agreement next March 3rd 2015.
One of the bids comes from US private equity giant Carlyle (see here a previous post by BeBeez) which in teaming up with Blue Star investment company, and another one comes from funds managed by Neuberger Berman.
The company in a statement said yesterday that “Committement by the City of Bologna and Caab (Bologna’s Agrifood center) is towards a future for Bruno Magli keeping its roots in Italy and above all in Bologna thanks to new equity coming from international investors that will allow the company to reimburse its debts and restart its business”.
Today a press conference will be held by Bruno Magli’s chairman Giuseppe Pirola together with the City of Bologna’s Economy assessor, Matteo Lepore, and by Caab’s chairman and managing director Andrea Segrè e Alessandro Bonfiglioli. Starting next JanuaryBruno Magli actually is going to move its headquarter at the Caab in the same place where Fico-Eatalyworld is based.
