Bologna Court allowed iconic Italian lingerie producer La Perla Manufacturing to start a receivership procedure ahead of a sale (see here a previous post by BeBeez). The asset attracted the interest of Tennor Holding (fka Sapinda Holding) that the Court previously banned from managing the company and of an undisclosed Italian suitor. Alessandra Mirabelli, a magistrate of Bologna Court, allowed Tennor to join the race for La Perla. Francesco Paolo Bello, Francesca Pace and Gianluca Giorgi are acting as judicial commissioners and must produce a business plan in two months. La Perla Manufacturing is part of bankrupted La Perla Global Management UK which has a 2.8 million GBPs debt (more than 3.25 million euros) with HMRC-His Majesty’s Revenue & Customs. For such a reason, British insolvency administrators will be part of the receivership procedure. La Perla Manufacturing has debts in the region of 108 million euros, assets of 109.4 million and sales of 18 million.
Cherry Bank, an investor in NPEs and tax credits that ceo Giovanni Bossi controls, and Sorec acquired together a portfolio of NPLs with a face value of 1.268 billion euros from Swedish Hoist Finance through a secondary market transaction (see here a previous post by BeBeez). Laura Gasparini is the Head of Market & Investments of Cherry Bank while Massimiliano Ingrosso is the founder and ceo of Sorec.
Milan-listed illimity, the challenger bank that ceo Corrado Passera founded in 2019, generated net profits of 10.8 million euros in 1Q24 (see here a previous post by BeBeez). The bank’s Corporate Banking unit that Enrico Fagioli heads, provided a strong contribution to these results as it generated 1Q24 profits of 20.5 million. The Specialised Credit (fka Distressed Credit) of illimity that Andrea Clamer heads generated gross profits of 9.8 million. The bank aims to gradually exit from the NPEs investments in order to focus on the asset-based finance, UTPs single name investing and servicing through the subsidiary Arec Neprix.
Milan-listed factoring and NPEs investor Banca Ifis generated net profits of 47 million euros in 1Q24 (see here a previous post by BeBeez). The distressed credits unit generated profits of 16 million.
In 2023, Italian investor in NPEs Axactor Italy and its subsidiary CR Service, part of Oslo-listed Axactor Group, generated a turnover of 48.5 million euros (up 15% yoy) (see here a previous post by BeBeez). Axactor Group posted revenues of 344 million, an ebitda of 132 million and net profits of 34 million (see here the company’s annual report 2023).
DBRS Morningstar‘s reports Italian NPL Securitisations Performance – Q1 2024 Update and Italian NPL Securitisations – Business Plans Evolution (see here the slides) say that in April 2024 (interest payment date – IPD), market participants had not yet implemented 48% of the business plans for the NPLs securitizations that the rating agency is monitoring (see here a previous post by BeBeez). However, the report say that such a delay is still a consequence of the lockdown for the coronavirus.
German STS Verification International appointed Carlo Barbarisi as senior advisor for the European market, with special focus on the continent’s Southern area (see here a previous post by BeBeez). STS is compliant with BaFin, the German stock market authority and acts as securitizations auditor.
