Milan-listed Illimity Bank restructured 82.8 million euros of UTPs that were part of a securitization that carried on in 2022 through Colt spv (see here a previous post by BeBeez). JP Morgan and illimity Bank, the arrangers, retained Chiomenti. Colt also acquired credit with a face value in the region of 218 million from illimity. The spv issued the following tranches of abs notes maturing in 2040 that illimity acquired: 113.7 million abs senior (Class A-2; rating AA from DBRS, Aa3 from Moody’s and AA- from ARC Ratings); 20.3 million mezzanine (Class B-2 with rating B, B2 and BB) and 4.14 million junior. The senior and mezzanine notes are listed on Milan market. Colt invested the proceeds in acquiring a performing credit portfolio from illimity Bank that has the warranty of SACE and Fondo Garanzia pmi.
Noberasco, an Italian fruit company, signed a restructuring agreement with its lenders and sold a minority to iCCT-illimity Credit & Corporate Turnaround (see here a previous post by BeBeez). The coo Mattia Noberasco said that the the company reached an agreement with the banks in late 2023. Noberasco appointed Flavio Ferretti as ceo and set a turnover target of 115 million euros while current bank debt stands at 84 million (37 million with BPER – Carige, 10 million with Banca Popolare di Sondrio, 8 million with Intesa SanPaolo, 7 million with Banca d’Alba, and 5 million with Banca MPS).
Brunello Cucinelli and Gianluca Vacchi poured 126 million euros out of the 160 million white knight deal for supporting Italian Franco Colaiacovo Gold (see here a previous post by BeBeez). Franco Colaiacovo Gold belongs to the eponymous family and in 2023 reached an agreement with its creditors for a 12 million payment with the support of MFB Partners, Gatti Pavesi Bianchi Ludovici and Mediobanca. The company will issue a capital increase.
Reno de Medici (RdM) Group, an Italian paper producer, said it will close its plant in Frosinone area (see here a previous post by BeBeez). In 2021, Apollo Global Management acquired a 58% of RdM from Ducth Cascades and a further stake from Caisse de Depot et Placement du Quebec.
