In 4Q23, illimity‘ ‘s iREC (illimity Real Estate Credit), a vehicle for institutional investors that targets real estate-backed NPEs and that Paola Tondelli heads, closed the acquisition of five portfolios of corporate secured large tickets worth 92 million euros (see here a previous post by BeBeez). Since its launch in 2022, iREC purchased NPEs worth 380 million and attracted the investments of banks that own up to 25% of the fund.
On 10 January, Wednesday, Treviso Court accepted the receivership application of Calzaturificio Skandia, an Italian maker of technical footwear for high-end brands (see here a previous post by BeBeez). Russian’s war on Ukraine created troubles for the company, restructuring advisor Andrea Porcaro said. In 2022, Skandia posted losses of 11 million euros (including a 7 million write off of stocked items) and equity of minus 2 million. The company applied for receivership in 2023 and agreed for repaying its 13.5 million debt in five years, a 9.5 million balance and write-off and a 2 million capital increase that would make the equity equal to zero. Between January and November 2023, Calzaturificio Skandia posted sales in the region of 26 million (30 million for the whole year) with a positive ebitda and little losses.
