Fabrizio Berti, the chief financial of Cassa Centrale Banca (CCB), said to BeBeez that the company is selling a portfolio of bad loans with a face value of 360 million euros (70% secured credits and 30% unsecured credits) that belongs to 39 local saving and loans firms (see here a previous post by BeBeez). Varde Partners,Guber, Zenit, Locam are some of the investors that are looking at this portfolio. Berti said that CCB at the start of 2020, the bank aims to sell another bad loans portfoglio amounting to 700 million.
Bnl Bnp Paribas is selling Progetto Mercury, a portfolio of bad loans for 700 million euros (see here a previous post by BeBeez). The bank recently securitized a portfolio of bad loans worth 968.2 million euros (73.4% secured and 26.6% unsecured) and the senior tranche of it is Gacs-backed, BeBeez reported.
Unirec, the Italian association of credit recovery firms, said in its 9th annual report for which BeBeez was media partner, that at the end of 2018 its associates handled credit worth 82.3 billion euros (+15,2% from 71.4 billion yoy) (see here a previous post by BeBeez). The turnover of Unirec associates is worth 853 million (667 million yoy). In the midterm, technology may play a relevant role for credit scoring and credit management, said Francesco Vovk, Unirec’s chairman.
Pro-Gest, an Italian packaging company, acquired competitor Papergroup for 14.4 million euros, even though the asking price was of 18 million (See here a previous post by BeBeez). Pro-Gest has been the only bidder for the asset that bankrupted in July 2018 as Lucca Court rejected Papergroup’s application for receivership. The target had a turnover of 64 million and debts for 72 million. Bruno Zago heads and controls Pro-Gest that has sales of 469.4 million (474.74 million yoy), an adjusted ebitda of 95.5 million (114.5 million), and a net financial debt of 313.8 million (238.5 million). In December 2017 placed a senior unsecured bond of 250 million due to mature in 2024 with a 3.25% coupon.
Lucchese, a minor Italian football club, applied for receivership (see here a previous post by BeBeez) and obtained 60 days from the Court to present a restructuring plan (see here a previous post by BeBeez). Aldo Castelli chairman owns 98% of the club of which is chairman.
Camuzzi, the Italian gas distributor that bankrupted in 2012, sold for 32.5 million euros two real estate assets to luxury fashion firm Bottega Veneta (see here a previous post by BeBeez). Camuzzi cashed in a relevant capital gain out of this sale. The company has debt of 170 million with the Italian Inland Revenue, Unicredit, Banca Popolare di Sondrio, Ubi, and Bnp Paribas.