The board of directors of e-Novia, a start-up factory that filed an application for and agreement with creditors at the Court of Milan, approved a financial maneuver of 8 million euros for solving the company’s liquidity problems (see here a previous post by BeBeez). On August 5 and 6, Monday and Tuesday, e-Novia’s extraordinary shareholders’ meeting will appraise this proposal from the board of directors. The company could increase its share capital by 3 million by 30 September, Monday, and then issue convertible/convertendo bonds for up to nearly 5 million between October 2024 and March 2025. Some shareholders that own 22.99 % of e-Novia and a non-shareholder tabled a binding and irrevocable offer to provide more than 4.93 million to support this move. Vincenzo Costanzo Russi (president – owner of 9.81 %), Ivo Boniolo (managing director – 6.85 %), Cristiano Spelta (chief financial officer – 7.05 %) and Sergio Matteo Savaresi (6.89 %) created e-Novia in 2012. Further shareholders of the company are Gestioni (Giovanni Fassi‘s holding company – 9.39%), Trust Natale (4.16%), ClubTech Investimenti (a club deal of investors that Equita K Finance launched and that includes Istituto Atesino di Sviluppo – 3.05%), Dompè Farmaceutici (4.62%), Brembo (2.33%) and Fin-Novia (5.58%). The company has revenues of 16.2 million, an ebitda of minus 6.2 million, equity of 14 million, and net debt of 11.2 million. The auditor EY said it could not express an opinion on the company’s financial statements.
Italian beer distributor Interbrau and Sandro Vecchiato and Michele Vecchiato’s Brew Invest Group concluded restructuring negotiations with financial creditors and the Italian Inland Revenue Service and obtained 1.5 million euros in fresh resources that Wieninger, the German competitor and supplier, provided (see here a previous post by BeBeez). Gianni&Origoni, Deloitte, Marcello Lo Giudice and Loan Agency Services assisted Interbrau. Giovanardi and Associates supported BCC di Roma, Intesa Sanpaolo, Amco, Banco BPM, BPER, Banco Desio, Crédit Agricole Friuladria, illimity, Principio spv, Banca di Bologna, Centroveneto, Spv Project 115 (Banca Etica), Alba Leasing, Selmabipiemme immobiliare, Selmabipiemme strumentale, Calit, MPS Leasing, and Gruppo Generali. As of September 2023, Interbrau had a debt of nearly 28.8 million euros (nearly 18 million to banks, the guarantor Mediocredito Centrale and leasing companies) and about 11.7 million to the Internal Revenue Service. The financial creditors received 3.2 million with differentiated recoveries for unsecured and secured positions. Leasing companies could receive deferred and partial repayment of receivables with different discount depending on the real estate or instrumental nature of the contracts. Interbrau’s business plan also includes the research and development of new brands to exclusively acquire for the expansion of the products portfolio.
The UTP Restructuring Corporate credit fund, which Sagitta launched in February 2024 with the collaboration of the advisor Europa Investimenti (both part of Arrow Global), raised 300 million euros through contributions of single name large corporate positions from major Italian banks (see here a previous post by BeBeez). The fund now aims to reach the final target of 500 million in contributions by the end of 2024. Claudio Nardone is the ceo of Sagitta. Roberto Rondelli is head of special situations at Europa Investimenti.
The third episode of Conversazione con i Giganti, the series of interviews that eToro organized with top managers of Italian listed companies and financial players, is available online (click here to watch the video) (see here a previous post by BeBeez). In this episode, Gabriel Debach, Italian market analyst at eToro, and Stefania Peveraro, the Editor in Chief of BeBeez, interviewed Andrea Clamer, Head of Specialised Credit at illimity
