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Reno de Medici (RdM) Group, a troubled Italian producer of special paper that Apollo Global Management delisted from Milan exchange in 2021, secured a Forbearance Agreement on the coupons due on 16 March, Monday, from 70% of the investors in its 600 million euros bond issued in 2024 and maturing in 2029 (see here a previous post by BeBeez). Arini Capital Management, M&G and others purchased the bond that received a downgrade from CCC+ to Selective Default (S&P) and from B- to C (Fitch Ratings). RdM aims to launch a recapitalisation. The agreement provides that bondholders who have accepted it shall refrain from taking any enforcement action in relation to the non-payment of the March coupon until the end of the grace period, which expires on the earlier of the following dates: (i) the completion of the recapitalisation and (ii) 15 June, Monday.
Vincenzo Carbonara, CDP head of Alternative Finance, said to BeBeez that the firm and other investors are close to launch a securitization for an undisclosed grocery chain that will provide its stocked goods as collateral (see here a previous post by BeBeez). BeBeez Private Data, the private capital database of BeBeez and FSI, monitors CDP and its investments. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager
