The plants of ADI-Acciaierie d’Italia, the troubled steel company that that is part of Ilva, attracted ten offers below the 1.5 billion euros amount that extraordinary administrators Giovanni Fiori, Giancarlo Quaranta and Davide Tabarelli expected to fetch (see here a previous post by BeBeez). Baku Steel Company – Azerbaijan Investment Company tabled the best bid worth 500 million. Further offers came from Jindal Steel International and Bedrock Industries Management. Italy’s Marcegaglia Steel, Eusider, IMC, Vitali, and Car Segnaletica Stradale – Monge – Trans Isole expressed interest only for French Socova plant and other sites. Boston Consulting is assisting the commissioners.
Troubled Italian paper producer Pro-Gest hired Giampaolo Provaggi to support the chief restructuring officer Angelo Rodolfi and the Zago Family for a receivership process (see here a previous post by BeBeez). On 15 June 2024 and on 15 December 2024, Pro-Gest defaulted the payment of 450 million worth secured and unsecured bond. The company did not pay the interest charges of the 250 million senior bond with a 3.25% rate maturing in 2024. In 2020 and 2021, Pro-Gest issued other bonds maturing in 2025 and on 30 June 2024, it defaulted the payments of interest charges. Carlyle invested in Pro-Gest bonds worth 200 million and retained Rothschild, Milbank and PedersoliGattai for negotiating the repayment. DWS Invest, Cheyne Capital, iShares, Multi Manager Access, JPMorgan, and Mediolanum invested in unsecured bonds worth 200 million. Savona Court appointed Giampaolo Provaggi, a fouding partner of GPD Studio Legale e Tributario, as independent advisor for the restructuring process.
Anteos Capital Advisors, an Italian mid-market corporate finance firm, rebranded as CFI Italy – Anteos after having joined the network Corporate Finance International (CFI Group) (see here a previous post by BeBeez). Anteos is born in 2021 and has a turnover of 1.3 million euros with an ebitda of 0.423 million and net cash of 0.855 million
