Domenico Livio Trombone (chairman) and Massimo Lucchini resigned as independent directors of Pro-Gest, a troubled Italian paper producer for which Angelo Rodolfi acts as CRO (see here a previous post by BeBeez). Pro-Gest defaulted the payment of secured and unsecured bonds worth 450 million euros and retained Chiomenti. Rodolfi is negotiating for avoding the enforcement of the pledge on the shares of parent company Zago Holding by the largest creditor Carlyle. Further creditors of the company are DWS Invest, Cheyne Capital, iShares, Multi Manager Access, JPMorgan, and Mediolanum. Previous press reports said that Pro-Gest attracted the interest of Pillarstone.
Zerbinati, an Italian food company, sold a minority to Presa, the holding of the Buzzi Family and illimity Credit & Corporate Turnaround Fund, part of illimity, which poured 12.5 million euros of fresh resources (see here a previous post by BeBeez). After such a deal, Zerbinati will belong to Giorgio Enrico Zerbinati (45.9%), illimity (25.5%), Presa (23.5%), Maria Luisa Rossi (5.1%). Simone Zerbinati will act as ceo. PwC TLS Avvocati e Commercialisti, Ranalli e Associati and Vitale&Co assisted Zerbinati which has sales of 42.4 million, an ebitda of minus 3.5 million, net losses of 8.2 million, a net financial debt of 24.5 million, and equity of 0.167 million.
Gruppo Mastrotto, an Italian producer of sustainable fabrics and hides, acquired the majority of troubled Portugal competitor Coindu – Componentes Para A Indústria Automóvel from the Gomes Family through the subscription of a capital increase (see here a previous post by BeBeez). Antonio Candido is the ceo of Coindu. Chiomenti, Cuatrecasas and Deloitte assisted Gruppo Mastrotto. Chiara Mastrotto is the chairwoman of Gruppo Mastrotto which has sales of 306.9 million euros, an ebitda of 34.6 million and net cash of 47.7 million.
Stockolm-listed NPEs investor Intrum AB is mulling for carrying on a Prepackaged Chapter 11 Solecitation for restructuring a debt worth in the region of 4.4 billion euros through a conversion in equity and maturities extensions (see here a previous post by BeBeez). On 18 October, Friday, Intrum and its advisor Houlihan Lokey allowed the investors in the UK senior issuances to sign up for the process. The company is also going to discuss such a possibility with the investors in its Swedish Crowns debt. Intrum Italy, a joint venture of which the Swedish firm has a 51% and Intesa SanPaolo a 49%, is handling 38.2 billion euros of NPEs as special servicer.
Southern Italian minor football club Taranto calcio attracted the interest of a Apex Capital Global that signed a preliminary agreement for acquiring the team (see here a previous post by BeBeez). The buyer already poured 0.3 million euros. Taranto calcio previously belonged to Massimo Giove (91%), Associazione di Promozione Sociale Taras 706 aC (7%) and other minority shareholders. The target has an equity of minus 2.3 million with debts of 4.5 million.
