Udine Court accepted Italian contractor Rizzani de Eccher‘s debt restructuring plan for 665 million euros of its above 900 million worth debts (available for the subscribers to BeBeez News Premium and BeBeez Private Data) (see here a previous post by BeBeez). The company’s liabilities amount to above 900 million euros. Claudio de Eccher and Marco de Eccher will retain a 33% of the company while UTP Restructuring Corporate, a vehicle of Sagitta (part of Arrow Global) that already raised 300 million, will have 67%. Further creditors that claim 248 million did non accept such plan. UTP Restructuring Corporate acquired the credits of Intesa Sanpaolo, illimity and BNL – BNP Paribas with Rizzani de Eccher and will invest 146 million in the company through a capital increase and a further 35 million at a second stage. The contractor also reached an agreement for selling a 60% of its engineering subsidiary Deal to Amplia, a construction company in which Autostrade per l’Italia has a stake, for 12.5 million or 20% more if an institutional investor acquires the asset. Friulia FVG could buy it. Cassa Depositi e Prestiti previously subscribed to a 30 million bond of Rizzani de Eccher which has outstanding debts also with Intesa Sanpaolo, SACE and UniCredit. Zurich previously granted Rizzani De Eccher with a 55 million US Dollars performance bond for building the Signature Bridge in Miami.
Gruppo Gnutti Cirillo, an Italian company active in the sanitary hydrothermal sector, acquired troubled Italian competitor Valvosanitaria Bugatti out of a receivership procedure the Brixia Court approved on 24 June, Monday (see here a previous post by BeBeez). Giuliano Gnutti will act as ceo. Valvosanitaria Bugatti received assistance from EY, Gianemilio Genovesi, Anna Pellegrini and Jodi Proietti. Gnutti Cirillo retained Fivers and GG Advisory. The target’s creditors hired Giovannelli e Associati. Gnutti Cirillo has sales of 287.4 million euros, an ebitda of 52.7 million, net profits of 28.6 million, and operative cash flow of 48.7 million.
The Italian antitrust authority cleared the Pillarstone‘s 75% acquisition of Pittarosso, an Italian shoe retailer in receivership, from Lion Capital that will retain 25% of the business as BeBeez previously reported earlier in June (see here a previous post by BeBeez). Once Pittarosso completed the recapitalization, Pillarstone will acquire the whole busniess. The buyer already owns Scarpe&Scarpe, another Italian shoe retailer. Pittarosso has sales in the region of 28 million euros, an ebitda of 12.5 million, net debts of 258.2 million, and equity of 166.5 million.
In 1H24, Solution Bank, the Italian subsidiary of Hong Kong’s non-investment grade credit SC Lowy, issued Specialized Lending facilities worth above 100 million euros and generated gross profits of 8.1 million, a cost/income ratio of 52.9% and an annualized ROE of 10.1% (see here a previous post by BeBeez). In 2023, Solution Bank posted gross profits of 23.1 million (+109.3% vs 2022
