BeBeez will be the media partner for the first Global NPL conference that Smith Novak will hold in London at the Pullman London St Pancras Hotel on 1 and 2 October 2019. On 1 October at 3.45 pm, Stefania Peveraro, BeBeez editor in chief and EdiBeez chairman, will moderate the round table that will discuss the Italian market. Click here for the event programme.
Milan-listed Illimity is going to create a management company for closed-end funds with a focus on the distressed credits sector (see here a previous post by BeBeez). The company will fund the firm with its own resources and the support of investors-. The first vehicle will focus on UTPs and may also invest in the equity of borrowers. For 2020, Illimity aims to have assets for 3.5-4.3 billion euros, net profits of 55-70 million, and a Roe of 9-10%. For 2023, the firm aims to own assets for 6.6 billion, a net income of 280 million, and a 25% Roe.
Presezzi Extrusion, a producer of industrial machinery, issued a minibond of 7 million euros that Anthilia Capital Partners subscribed (see here a previous post by BeBeez). The bond is due to mature on 15 March 2027 and has an amortizing reimbursement structure with a 24 months period of pre-amortising. Presezzi will invest the proceeds of this transaction in its organic development and increasing its export.Valerio Presezzi is the chairman of the company that generates abroad 95% of its 70 million euros worth sales with a 10% ebitda margin.
Milan-listed business intelligence and credit management group Cerved hired Mediobanca for exploring options for Cerved Credit Management Group (see here a previous post by BeBeez). The company may consider a full sale or a partnership with industrial peers. However, sources said to BeBeez, the company may favour a sale of the unit for the servicing of distressed credits.
US investment firm Cerberus rejected the proposal of Pietro Santarelli for restructuring the debt of Italian construction company Saco (part of Santarelli Costruzioni) (see here a previous post by BeBeez). Cerberus is the company’s main creditor since it acquired a 760 million euros worth portfolio of Npls fromBanca Marche. Saco’s debt with Banca Marche was of 135 million, while total liabilities are of 250 million. Saco will now go bankrupt and sell its assets and activities for 130 million.