The reported merger of troubled Italian airline ITA Airways with German competitor Lufthansa is at risk (see here a previous post by BeBeez). The German company required to pay 315 million euros instead of previously agreed 325 million for acquiring 41% of ITA Airways from the Italian Ministry of Finance.
Udine Court accepeted the receivership application of Italian contractor Rizzani de Eccher (RdE) (see here a previous post by BeBeez). Creditors with an exposure worth in the region of 350 million euros accepted the company’s plan that includes an injection of 70 million from current 67% owner Sagitta and other investors. The 2024-2028 restructuring plan will allow RdE to complete its 4 billion worth order backlog.The company has sales of900 million. Sagitta previously acquired RdE’s debts with Intesa Sanpaolo, illimity Bank, BNL, and Cassa di Risparmio di Bolzano and converted such liabilities in equity while the de Eccher Family kept a 33%. See here the debt restructuring agreement of RdE available for the subscribers to BeBeez News Premium and BeBeez Private Data
Milan-listed NPEs investor illimity may have a pivotal role in the development of The New Bank (TNB), a digital provider of financial services that Azimut aiams to launch by 1H25 with 25 billion euros of assets under management (see here a previous post by BeBeez). Pietro Giuliani, the ceo of Azimut, reportedly said that the Milan-listed asset management group is mulling for the acquisition of illimity’s selected assets for getting a banking licence and may finance the transaction with its own cash and shares. However, the investment of a private equity fund could accelerate the birth of TNB. Bank of America – Merrill Lynch is advising Azimut. After the launch, TNB may list on the ground of a 1.8 – 2.2 billion. Paolo Martini will be the ceo of TNB and said that by the end of 2024 the company will release the name of the strategic partner and of the shareholder that could own up to 50% of the firm.
