• Contacts
Sunday, 3 July 2022
  • en English
Newsletter
BeBeez
  • .
  • Home
  • RISK CAPITAL
    • Angels & Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • CREDIT & DEBT
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • ANALYSIS & COLUMNS
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • TOOLS
    • Sectors & Companies
    • Events
    • BeBeez Academy
  • BEBEEZ PREMIUM
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • Login
Abbonati
  • Home
  • RISK CAPITAL
    • Angels & Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • CREDIT & DEBT
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • ANALYSIS & COLUMNS
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • TOOLS
    • Sectors & Companies
    • Events
    • BeBeez Academy
  • BEBEEZ PREMIUM
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • Login
Abbonati
BeBeez
Home Crisis & Relaunch Bad loans and other NPLs

Italy's NPLs and private debt weekly roundup. News from EU Commission, Atlantia, Merlini, Cavalli, Puglia Sviluppo, CMC, Sagitta, Axactor, Finaria, Creval, PSC, Frontis Npl, Inca

bebeezbybebeez
20 June 2019
in Bad loans and other NPLs, Crisis & Relaunch, Private Debt
A A
Share on FacebookShare on Twitter
Schermata 2019-06-13 alle 07.22.51In the last three years, Europan banks sold distressed credits for a face value of 112 billion euros (82 billion in Italy, 24 billion in Portugal, 6 billion in Cyprus) (See here a previous post by BeBeez). The EU Commission provided such figures in its last report about the European Banking Union.

Troubled Italian fashion house Roberto Cavalli attracted binding offers from Renzo Rosso’s OTB, Bluestar Alliance, and Dubai’s real estate investor Damac (see here a previous post by BeBeez). Apollo Delos, the special situations arm of Apollo Global Management and US private equity Manna Capital Advisors dropped the race after having conducted due diligence.
Rodovias do Tietè (RDT), the Brazilian motorways company in which Italian peer  Atlantia has a 25% stake, in on the verge of defaulting (see here a previous post by BeBeez). RDT has still to pay a bond for 230 million di Euros (1 billion of Brazilian Reais). At the end of May 2019, Moody’s downgraded Rodovias rating from Ca to Caa2. Atlantia holds its stake in RdT through a joint venture it signed with the Bertin Family. The bondholders called for a meeting for deciding whether requiring a later payment for the 80 million Brazilian Reais coupon or for converting it in PIK and award a further waiver for the financial covenants. In case of defaults, the bondholders will become shareholders of Rodovias. However, even though bondholders have the issuant shares as collateral, local authorities must authorize the swap of concessions for the company with a new shareholding structure. New shareholders may then provide further resources. For this reason, turnaround and restructuring funds are interested in Rodovias. According to press reports, few advisors say that RdT may convert its liabilities in equity, lower the debt to 5X ebitda, extend the maturities to 12 years with the payment of a coupon worth the inflation rate plus up to 300 basis points. At these conditions, Atlantia could pour resources in RdT.
Italian mushrooms producer Merlini reached an agreement with 85% of its creditors for a debt restructuring (see here a previous post byBeBeez). The company has debts in the region of 18 million euros and will pay back 9.3 million within five years the receivership approval. Merlini may fetch 4.1 million from the disposal of non-core assets. For the next five years, the company’s business plan aims to generate a cash flow of 4.6 million. The company’s shareholders may pour  0.6 million in Merlini. Riccardo Merlini founded the company in 1922. Merlini has sales of 10 million with an ebitda of 0.7 million.
Puglia Sviluppo signed a partnership with Cassa Depositi e Prestiti (Cdp) and three local banks for launching a minibond fund with resources for 100 million euros (see here a previous post by BeBeez). These minibonds will be of 2 – 10 million and an up to 7 years maturity. Every issuer will have a rating.
CMC (Cooperativa Muratori e Cementisti), a troubled Italian construction company, received from Ravenna Court the approval for its receivership application (See here a previous post by BeBeez). CMC generates abroad 60% of its turnover.
Sagitta sgr signed a partnership with Crescitalia Holding for launching Short Term Crescitalia Fund (STCF), a direct lending fund (See here a previous post by BeBeez). The company will cash invoices of Italian SMEs with 30-180 days deadline, and an average tenure of 120 days. The fund will invest 50-500k million euros for every transaction. The fund set a fundraising target of 25 – 150 million.
Npl Re Solutions, the distressed credits arm of Gruppo Gabetti, signed a partnership with credit servicer Axactor for managing Npls and Utps (see here a previous post by BeBeez). Gabriele Mazzetta, the ceo of NPLs RE Solutions, and Antonio Cataneo, ceo di Axactor Italy, said that the companies have strong synergies.
Italian tour operator Alpitour acquired Sementa, the owner of Taormina’s 5 stars hotels Grand Hotel Mazzarò Sea Palace and Grand Hotel Atlantis Bay (see here a previous post by BeBeez). Finaria, the holding owned by Sicilian entrepreneur Antonino Pulvirenti, sold the asset for paying back a 30 million euros private placement loan to Oaktree Capital Management and further liabilities. Alpitour has sales of 1.2 billion (1.1 billion yoy), an ebitda of 46 million (36 million).
Credito Valtellinese (Creval) aims to lower its NPLs by 80% or to 400 million euros from current 1.9 billions within 2023, said ceo Luigi Lovaglio (see here a previous post by BeBeez). Creval will also separate its commercial banking activities from its legacy portfolio of distressed credits that will rebrand as Financial Stakes and Non Core Assets. By 2020, Creval will sell distressed credits worth 800 million for taking the gross NPE ratio below 7% in 2021 and below 6.5% in 2023.
Gruppo PSC, an Italian provider of services for energy systems integration, issued a 25 million euros minibond in which Anthilia Capital Partners sgr and Amundi sgr invested 10 million each, while Riello Investimenti Partners sgr subscribed 5 millions (see here a previous post byBeBeez). The bond is due to mature on 31 March 2025, has a 5.5% yield, an average term of 5 years and an amortizing reimbursement structure that will pay back 70% of the total amount in the last 18 months. PSC has sales of 191.3 million euros (140.9 million yoy) an ebitda of 21.2 million (15.7 million), net financial debt of 67.9 million (25.6 million). PSC will invest the proceeds of the issuance in M&A transactions and its organic development, said chairman Umberto Pesce.
IBL Banca, an Italian retail lender, acquired 9.9% of Italian servicer Frontis Npl through a 4.4 million euros capital increase, on the ground of an enterprise value of above 44 million (see here a previous post by BeBeez). Massimiliano Bertolino will keep his ceo role, while Mario Giordano, ceo of IBL Banca, Massimo Racca, and Giuseppe D’Agostino will join Frontis board. The companies signed a partnership for managing distressed credits through a securitization of up to 50 million.
Italian packaging company INCA applied for receivership with Varese Court (see here a previous post by BeBeez). INCA belongs to the Faverio Family and has revenues of 22.8 million euros, an ebitda of 1.9 million, and a net financial debt of 2.8 million.
Tags: AtlantiaAxactorCavalliCmcCrevalFinariaFrontis NplINCAMerliniPSCPuglia SviluppoSagitta

Iscriviti alle nostre Newsletter

Iscriviti alle newsletter di BeBeez

Iscriviti
Previous Post

Bain Capital Credit to rescue Fincos, a 60-years old Italian construction group

Next Post

Impaired loans, another 39bn euros coming onto the market. Half of them are UTPs. Then there is the new Gacs. Here are the BeBeez Report and the opinions from the experts

Related Posts

Unicredit stock jumps by 6% on rumors of a 14 bn euros GBV NPEs sale to AMCO smoothing a merger with Montepaschi
Private Debt

Italy’s private debt, distressed assets and NPLs weekly roundup. News from Unicredit, Sagitta, Europa Investimenti, BCM Global, Moby, Enertronica Santerno, Oxy Capital, ITway, Mercatoria, Rummo, Davis&Morgan, Credimi, Syrma Capital and more

23 June 2022
Private Debt

Italy’s private debt, distressed assets and NPLs weekly roundup. News from NeoApotek, Nuova industria Biscotti Crich, Indiana Production, Cherry Bank and more

9 June 2022
Finint bank and  entrepreneurs Del Vecchio, Rossi Luciani and Zago buy from Ideal Standard the Borgo Valbelluna plant and the Ceramica Dolomite brand
Crisis & Relaunch

Finint bank and entrepreneurs Del Vecchio, Rossi Luciani and Zago buy from Ideal Standard the Borgo Valbelluna plant and the Ceramica Dolomite brand

31 May 2022
Ardian to buy Italy’s Biofarma Group in a 1.1 bn euro deal. Successful exit for White Bridge Investments
Private Debt

Italy’s private debt, distressed assets and NPLs weekly roundup. News from Biofarma, Hedge invest, Incanto, Clessidra factoring, Anthilia, Came, Eurazeo

26 May 2022
Italy’s private debt, distressed assets and NPLs weekly roundp. News from Atalanta, Carel Industries, Iccrea, illimity, Generalfinance, Alia Servizi Ambientali, Kervis and more
Private Debt

Italy’s private debt, distressed assets and NPLs weekly roundp. News from Atalanta, Carel Industries, Iccrea, illimity, Generalfinance, Alia Servizi Ambientali, Kervis and more

19 May 2022
Italy’s NPLs, private debt and corporate finance weekly roundup. News from Banco BPM, illimity Bank, BPER, De Nora, Lattebusche, SolidWorld and more
Bad loans and other NPLs

Italy’s NPLs, private debt and corporate finance weekly roundup. News from Banco BPM, illimity Bank, BPER, De Nora, Lattebusche, SolidWorld and more

12 May 2022
  • Report
  • Events
  • Proposals

Report

Private debt hits a record in Italy in 2021 with volume over 26 mld euro, twice the figure in 2020. The new Report by BeBeez. See here all the tables

Private debt hits a record in Italy in 2021 with volume over 26 mld euro, twice the figure in 2020. The new Report by BeBeez. See here all the tables

14 March 2022
Financing to Italy’s SMEs and startups from fintech platforms reached a total of 8.6 bn euro since the market started in 2014. More than 3.5 bn euro in 2021 only. Here is the new BeBeez’s report

Financing to Italy’s SMEs and startups from fintech platforms reached a total of 8.6 bn euro since the market started in 2014. More than 3.5 bn euro in 2021 only. Here is the new BeBeez’s report

7 March 2022
In 2021 as many as 40 private equity deals in Italy with EV of at least 500 mln euro. All tables in the BeBeez Report 2021

In 2021 as many as 40 private equity deals in Italy with EV of at least 500 mln euro. All tables in the BeBeez Report 2021

7 February 2022
Fintech, startups and scaleups of Italian matrix raised over 900 mln euro in 2021 from 247 mln in 2020. BeBeez Report

Fintech, startups and scaleups of Italian matrix raised over 900 mln euro in 2021 from 247 mln in 2020. BeBeez Report

2 February 2022

Events

BeBeez waits for you next Wed July 6th at a webinar by Equita and Morri Rossetti to talk about MBOs in Italy versus France and Germany. BeBeez is unique media partner

1 July 2022
Waiting for you next June 8th at a webinar by Assofintech about Cybersecurity, a dialogue between Italy and Israel.  BeBeez is media partner

Waiting for you next June 8th at a webinar by Assofintech about Cybersecurity, a dialogue between Italy and Israel. BeBeez is media partner

2 June 2022
Happy Republic of Italy day! BeBeez comes back next Friday June 3rd

Happy Republic of Italy day! BeBeez comes back next Friday June 3rd

2 June 2022
Happy April 25th!

Happy April 25th!

24 April 2022

Proposals

No Content Available

Co-sponsors

Partners

Tag

Banca Ifis Banco Bpm BeBeez Magazine bilanci bilancio blockchain bond Cdp Equity Coronavirus COVID-19 deteriorati Elite Gacs governo Hines hotel Illimity Italia Italy Italy Kryalos Lbo index L Catterton Leanus logistica magazine NB Aurora nexi NPE npl npl Pir private capital private debt private debt private equity private equity quotazione real estate Roma Round scaleup Utp venture capital venture capital
This site generates cookies, all of which are necessary for it to work properly. Here is our cookie policy page.

Necessary cookies

Cookie Google Analytics

Cookie tecnici

List of cookies - Privacy policy - Cookie policy
x
Cookies?
Bebeez

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

Follow

Risk Capital

  • Angels & Incubators
  • Venture Capital
  • Private Equity
  • Club deal
  • Spac
  • Euronext Growth Milan
  • Real Estate
  • Private equity, venture capital and private debt data in the world
  • Private capital in the world
  • Real Estate in the world

Credit & Debt

  • Private Debt
  • Crisis & Relaunch
  • Bad loans and other NPLs

Analysis & Columns

  • Insight Views EN
  • Report
  • Beez Peak
  • Comments
  • Data & Analysis
  • Fintech
  • Management
  • Art&Finance
  • GreenBeez

Tools

  • Sectors & Companies
  • Events
  • BeBeez Academy

Who we are

  • Who we are
  • What people say about us
  • Contacts

Personal data management

  • Login BeBeez News Premium
  • Subscribe

Information on the site

  • Privacy Policy
  • Terms and conditions of use
  • Cookie Police
  • Site Map

Powered by Olomedia © 2021

  • en English
  • Risk Capital
    • Angels&Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • Credit & Debt
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • Analysis & Columns
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • Tools
    • Sectors & Companies
    • Events
    • BeBeez Academy
  • Bebeez Premium
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • My Account
  • Subscribe

Powered by Olomedia © 2021

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Search...