The sale of Piaggio Aerospace‘s assets is moving forward as the liquidation commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti received 18 expressions of interest for the company that belongs to Mubadala (see here a previous post by BeBeez). The company said to have attracted the interest of European (mostly Italian), North American and Far Eastern bidders that may tabl offers for the whole assets up for sale. The commissioners aim to close a deal by the end of 2023. Piaggio Aerospace has an order portfolio wirth 556 million euros. The company expects to reach the operative break even by the end of 2023.
Guardia di Finanza, the Italian tax police, carried on a precautionary seizure for 47.8 million euros worth assets that belong to Esselunga, an Italian chain of supermarkets, as a consequence of alleged Italian labor law irregularities (see here a previous post by BeBeez). The prosecutors are also carrying on investigations about Stefano Ciolli and Albino Rocca, the former and current cfo of the company. The volatility of Esselunga’s Luxembourg-listed bonds of 500 million each did not increase.
Eurovita, the troubled insurance company that belongs to Cinven, is facing an investigation of Milan Court (see here a previous post by BeBeez). Milan Court reportedly opened an investigation into the insurance company’s crisis that led to the freezing of policy surrenders for 400000 customers, although there are no alleged offences or suspects in the file. Eurovita did not respond to BeBeez‘s request for comment on the matter.
Green Arrow Capital and Antares launched Fondo Rilancio Italia for supporting Italian SMEs with revenues of above 50 million euros that are in financial distress (see here a previous post by BeBeez). The private equity fund may also invest in debt and set a fundraising target of 200 million euros with a first closing of 100 million. Cassa Depositi e Prestiti will pour up to 80 million (49% of the target) in the fund. Stefano Romiti, the ceo of Antares, said to BeBeez that the fund aims to target solid firms that are struggling with temporary financial distress.
Nextalia sgr, a private capital firm that Francesco Canzonieri founded, said that Nextalia Credit Opportunities raised 300 million euros in commitments (see here a previous post by BeBeez). The fund will target Italian special situations through its verticals distressed credit and distressed corporate. The final closing may take place in 2H23. Nextalia retained as advisor K&L Gates and Gatti Pavesi Bianchi Ludovici.
The Italian Ministry of Economy and Finance (MEF) appointed Andrea Munari and Giuseppa Maresca as the new ceo and chairman of AMCO, an Italian NPEs investment company (see here a previous post by BeBeez). The managers will replace Marina Natale and Stefano Cappiello.
