Carlyle could enforce its pledge on the shares of Pro-Gest, a cash-strapped Italian paper and cardboard producer that defaulted on its 450 million euros debt (see here a previous post by BeBeez). On 15 June, Saturday, the company defaulted on interest payments on its 250 million bond maturing in 2024 and bearing interest at 3.25%. The Zago family will have to sell its shares in Zago Holding, Cartitalia (which issued a 75 million bond maturing in 2025), Cartiere Villa Lagarina (which issued a 90 million bond maturing in 2025) and Tolentino (which issued a 35 million bond maturing in 2025) to the lender Carlyle. Sources said to BeBeez that Unicredit, Intesa Sanpaolo, Sparkasse and other banks withdrew credit facilities from Pro-Gest for which Angelo Rodolfi is acting as chief restructuring officer. S&P’s announced the downgrade of the long-term corporate credit rating to ‘SD’ (from CCC) and the downgrade of the 250 million bond rating to ‘D’ (from CCC-). Moody’s added the limited default designation ‘/LD’ to the company’s probability of default rating (PDR), changing it to ‘Ca-PD/LD’ (from Ca-PD), and affirmed the long term corporate family rating (CFR) at ‘Caa3’ and the ‘Ca’ rating for the 250m bond and confirmed the negative outlook. However, Pro-Gest aims to reach a consensual agreement with its creditors after defaulting on secured and unsecured bonds worth a total of 450 million (see here a previous post by BeBeez). Rodolfi and the Zago family are considering to activete by September a negotiated crisis settlement. The alternative could be the receivershio on which Chiomenti is working as legal advisor. Financial sources said to BeBeez that the situation is ‘absolutely critical and the timing is necessarily tight, given that all major financial creditors have not been paid and strategic and operational creditors are being paid to ensure operations’. The company’s debts are above 600 million, while cash is 20 million. On 26 July, Friday, Pro-Gest said it plans to divest non-strategic assets.
Trebi Generalconsult, a provider of software solutions for the financing, leasing, rental and non-performing loan management industry, will rebrand as Moltiply Tech (see here a previous post by BeBeez). Francesco De Lisi is the managing director of the company, which is part of the Moltiply Group (fka MutuiOnline Group) since 2022.
