Gruppo PSC, an Italian diversified infrastructure group, received the approval from the majority of its creditors for the restructuring plan that tabled with the support of Nextalia Credit Opportunities, part of Nextalia, the private capital firm that Francesco Canzonieri created (see here a previous post by BeBeez). Giuliana Santa Trotta, the judge of Lagonegro Court must give the final approval. The plan aims to restructure and relaunch Gruppo PSC which applied for receivership in 2022 as its debts amounted to 400 million euros. Fincantieri (10%) and Simest (9.64%) are shareholders of the company which also owns 53.66% of Italtel (Clessidra Capital Credit owns 28.62% and Milan-listed TIM has 17.72%).
Naples Court approved the receivership plan of troubled Italian DEMA-Design Manufacturing, a producer of components for areonautics (see here a previous post by BeBeez). Sources said to BeBeez that the restructuring will require resources for 100 million euros. The company already fetched 5.5 million from the sale of DAR (1.8 million upfront and the remaining amount in four years) to Italsistemi. KPMG, White & Case, Grasso e associati, and Capalbo & Associati assisted DEMA. The controlling shareholder Polus Capital Management poured 14 million in the business and will provide a 94 million warranty (56.3 million for supporting the going concern and the business turnaround – 19.9 million for the working capital; 21.5 million for the investments until 2025; 14.9 million for the turnaround and the remaining amount for the creditors). The receivership plan include the payment of 37.7 million to the company’s creditors. By 2028, DEMA expects to generate a 37.6 million turnover with an ebitda of 2.4 million.
Pro-Gest, an Italian producer of paper for packaging that belongs to the Zago Family, appointed Sergio Iasi as chief restructuring officer (see here a previous post by BeBeez). Iasi previously acted as cro for Officine Maccaferri and Trevi Finanziaria. The company said that it aims to implement a restructuring and deleveraging strategy. Pro-Gest’s debt for 3Q23 amounted to 550.2 million euros, with a turnover of 429.5 million and an ebitda of 69.3 million. Pro-Gest issued several bonds that attracted the resources of Carlyle Global Credit.
In 2023, Tyche, an Italian investor in NPEs, posted net profits of 5.1 million euros (+2.1% from 2022) and a 14.7 million brokerage margin (+44.4%) (see here a previous post by BeBeez).
