Download here the BeBeez Private Debt Report 2024 available for the subscribers to BeBeez News Premium and BeBeez Private Data.
Banca Progetto, a troubled asset of Oaktree Capital Management that Banca d’Italia suspended in March 2025 and in September 2025 signed a binding term sheet with Fondo Interbancario di Tutela dei Depositi (Fitd – Interbanking Fund for Deposits Protection), Banca Monte dei Paschi di Siena, Banco BPM, BPER Banca, Intesa Sanpaolo, and UniCredit (the five Italian systemic lenders), will attract gross rescue resources of 6.5 billion euros (see here a previous post by BeBeez). Chiomenti and KPMG are assisting Banca Progetto. Alfredo Pallini is the coo of Fitd. The troubled bank will sell its NPEs with a face value of 2.5 billion to a vehicle of AMCO and the systemic lenders. Banca Progetto will also carry on the securitization of its 2.2 billion performing credits and will acquire the senior tranche while Mediocredito Centrale will purchase the junior notes with the warranty of FITD which will also pour 750 million in the troubled firm and get 10% of it. The systemic lenders will own 90% of Banca Progetto. BeBeez Private Data, the private capital database of BeBeez and FSI, monitors and its portfolio companies. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager.
Pro-Gest, a troubled Italian paper producer, reached a debt restructuring agreement with Carlyle and the holders of a Milan-listed bond issued in 2017 and maturing in 2024 with a 3.25% yield (see here a previous post by BeBeez). The company’s total debt amounts to 450 million, 200 million with Carlyle. Giampaolo Provaggi advised Pro-Gest which signed a lock-up agreement and a term sheet with Carlyle and above 70% of the investors in unsecured bonds. The settlement terms are the followig:
- Maturity extended to 31 March 2030 (option to 2032);
- Pledges on group companies as collaterals
- Interest rates adjusted to 6% in the first two years, then Euribor + 6% + 5.5% Pay-In-Kind for secured securities;
- 5% rate for unsecured bonds with 3.25% coupon;
- Write-downs of 15 million on secured issuances and up to 13 million in accrued coupons on unsecured debts; reimbursement through a plan to dispose of operating and real estate assets
- The Senior Unsecured Notes (SUNs) will become New Pro-Gest Secured Notes (PG SSNs) with a principal in the region of 253 million after the coupons write-downs.
- Senior Secured Notes (Carlyle SSNs) of 306.7 million before write-offs. Conversion in equity of Pro-Gest’s subsidiary Cartitalia for 15 million.
- Coupons of 3.25% in cash if Pro-Gest cash is above 40 milioni il 3.25% or o in-kind (PIK).
BeBeez Private Data, the private capital database of BeBeez and FSI, monitors Pro-Gest and its bondholders. Find out here how to subscribe for one month or one year or Click here for booking a demo videocall with BeBeez database manager.
Joseph Oughourlian sold 68.25% of minor Italian football club Calcio Padova to Alessandro Banzato for 2.5 million euros (see here a previous post by BeBeez). The club’s debt amounts to 10 million. BeBeez data say that Calcio Padova further owners are Francesco Peghin (25%), HGB (3.75%), Luca Destro (2.25%), and Giampaolo Salot (0.75%). Doria Saglietti Scerbo acted as public notary. Giovanni Banzato will be the vice-chairman of Padova Calcio and replace Andreea Munteanu. Alessandra Bianchi and Massimiliano Mirabelli will keep their role as ceo and team manager.
