Troubled Italian tyres distributor Fintyre closed its receivership procedure 15 months earlier, repaid its creditors and attracted a 20 million euros facility from Banco BPM for relaunching its business (see here a previous post by BeBeez). The borrower belongs to Springwater Capital and set target revenues of 450 million euros for 2025 while the current turnover amounts to 385 million. Fintyre retained Chiomenti. BPM hired Dentons. Tobia Raffaele Lazzari, Francesco Mazzoletti and Stefano Midolo acted as extraordinary commissioners for Fintyre’s receivership.
Italian co-operative wine producer Cantine Ermes won the bankruptcy auction for Cantina Sociale di Canneto, a competitor with 10 million euros debts that in 2020 faced allegation for selling counterfeit and adulterated wine (see here a previous post by BeBeez). The auction asking price amounted to 1.4 million. Cantina Sociale di Canneto will also have to sell its 90.625% stake in Società Agricola Cantina della Valtenesi and Lugana that is worth 0.725 million. The auction will take place on 21 March, Thursday, with an asking price of 1.2 million. However, press reports said that a 0.954 million bid could be sufficient for buying the asset.
Qualco, a provider of fintech solutions for NPEs and supply chain finance that belongs to PIMCO and other institutional investors, will open a bureau in Milan (see here a previous post by BeBeez). Europa Factor, an Italian NPEs player, will transfer 350 portfolios on Qualco’s plarform. Qualco also signed a commercial partnership with Credit Factor. The company is also discussing a partnership with doValue for the management of secured NPLs. Marco Cozzi, the Italian Country Manager of Qualco, said that the company aims to achieve 25%-30% market share in Italy.
