The European NPLs – FY19 Report of Debtwire ABS said that the amount of distressed credits for lenders in 1H19 is of 635 billion euros, while in 2014 they were worth 1.2 billion (see here a previous post by BeBeez). Such data are in line with those of Deloitte’s report Deleveraging Europe that said that the sale of NPLs in Europe in 1H19 went down 30% at 140.8 billion after the 200 billion peak in 2018. Deloitte said said that the amount of distressed credits for European lenders in 1H19 is of 636 billion. The European banks that have the highest amount of Npls are French BNP Paribas, and Italy’s Unicredit and Intesa Sanpaolo. The BeBeez Npl Report 2019 includes data for the whole 2019 and says that the sale of Italian distressed credits amounted to 50 billion (101 billion in 2018 – see here BeBeez Npl Report 2018) , (find out here how to subscribe to BeBeez News Premium for just 20 euros per month and read the BeBeez Reports and Insight Views).
Italian law firms Nctm and La Scala founded UniQLegal together with UniCredit (see here a previous post by BeBeez). The firm born out of this partnership will help the Italian bank to face banking litigation issues.
Torre Annunziata Court accepted the receivership application of RBD (Rizzo-Bottiglieri-De Carlini) Armatori, the shipping company that has debts of above 1 billion euros (See here a previous post by BeBeez). The company’s 13 vessels will now belong to Reuben Brothers and Pillarstone Italy. RB RD Armatori, a newco of Reuben Brothers (75%) and New Horizon (25%) will get one tanker and seven dry bulk carriers and some luxury real estate assets like Capri’s Hotel La Palma. New Horizon belongs to Adele Marina Rizzo (56%), Giuseppe Mauro Rizzo (10%), Maria De Carlini (33%). Pillarstone Italy will get five Aframax tankers that will belong to Premuda.
Cerignola Wind (Gruppo Tozzi) refinanced three windfarms with a 52 MW power based in Sicily and Apulia with a project financing facility of 67.4 million euros (see here a previous post by BeBeez). Natixis acted as lender and structuring MLA, MPS Capital Services Banca per le Imprese as agent, lender and MLA, while BNL Gruppo BNP Paribas as lender and MLA.
Irideos, the Italian ICT company born in May 2018 out of the merger of Infracom, KPNQWest Italia, MC-link, and BigTLC, received a financing of 150 million euros from banks for implementing its business plan (see here a previous post by BeBeez). The companies that formed Irideos, a 190 million turnover firm, belong to F2i and Marguerite. Danilo Vivarelli is the ceo of Irideos since May 2019. F2i acquired 90% of KPNQuest Italia in September 2017 together with Marguerite. In July 2017, F2i purchased 97% of Infracom, and in June 2017 it launched a public offer on formerly Milan-listed MC Link who acquired BigTLC in July 2016.
Generalfinance, a factoring lender with special focus on distressed companies, posted a 2019 turnover of 590 million euros (+23% yoy), little below the 600 million target (see here a previous post by BeBeez). For 2020, the company aims to achieve a turnover of 900 million. Generalfinance issued loans for 445 million (+27%, net Npe ratio of 0.6%), and profits of 4.3 million (+43%). Massimo Gianolli is the ceo of Generalfinance. Creval owns 46.81% of the business since June 2017. Generalfinance hired Massimo Racca as ceo of GGH – Gruppo General Holding (the holding that owns the majority of the company) and Stefano Biondini as the head of Information Technology.
On 21 January, Tuesday, the market capitalization of Trevi Finanziaria Industriale (Trevifin), the troubled Milan-listed drilling and engineering group, increased by 24.23% for a share price of 19.844 euros, the peak since the start of 2020 (See here a previous post by BeBeez). Investors appreciated the acceptance of the company’s restructuring plan that includes the sale of the Oil&Gas division to India’s MEIL and the launch of a capital increase. Trevi has sales of 618.1 million euros, an ebitda of 50.1 million, and a net financial debt of 692.6 million. In 2014 Trevi issued a 50 million bond originally due to mature in 2019. In 3Q19 the company posted a turnover of 448.5 million and an ebitda of 25.6 million.
Clabo, an Italian listed provider of professional windows for the horeca sector, issued a 2.5 million euros minibond that Amundi subscribed (see here a previous post by BeBeez). The liability is due to mature on 21 December 2021, has an amortizing reimbursement structure and pays a 3% coupon. Clabo will invest these proceeds in supporting its working capital. Pierluigi Bocchini, the company’s executive chairman, said that bonds and direct lenders make 50% of the business sources of financing. Clabo has sales of 53 million, an adjusted ebitda of 4.8 million, and a net financial debt of 23.9 million.
Venchi, the Italian iconic chocolate brand, issued a 5 million euros minibond that Fondo Sviluppo Export, part of the Italian insurer for foreign trade Sace Simest (a Cdp company) and under the management of Amundi, subscribed (see here a previous post by BeBeez). The fund invested the resources of Sace Simest and of the European Investment Bank. In July 2018, Venchi issued a minibond of 7 million that Unicredit subscribed. Venchi belongs to the ceo Daniele Ferrero (a former McKinsey consultant – 27%), the vicepresident Nicolò Cangioli (24%), the sales director Giovanni Battista Mantelli (12%), Pietro Boroli (12%), Marcello Comoli (12%), and Luca Baffigo Filangieri (12%). In December 2018, Venchi launched a capital increase of 9 million euros for its Hong Kong subsidiary Venchi Greater China. Simest invested in the transaction and now has 44.4% of the asset and separately guaranteed a 4.5 million financing that Unicredit agreed to Venchi. Venchi generates abroad 33% (10% in China) of its sales of 100 million.
Ecubit, a virtual reality company, raised a 2 million euros direct lending facility from Hedge Invest (See here a previous post by BeBeez). The senior unsecured loan has a five years tenure with a fixed rate and a quarterly repayment structure after a pre-amortizing period of 9 months. The company may receive a further million upon the achievement of some targets. Ecubit has sales of 0.785 million, an ebitda of 0.182 million and net cash of 31,000 euros. The company will invest such resources in its organic development.
