Illimity, the Milan-listed financial services firm, supported Cerberus for the acquisition of a 455 million euros worth protfolio of Utp corporate secured credits from Banca Mps (See here a previous post by BeBeez). Illimity said that the transaction value is in the region of 110 million euros.
Chebanca! sold an amount of distressed credits amounting to 136.8 million euros to US hedge fund D.E. Shaw (See here a previous post by BeBeez). Gian Luca Sichel is the ceo of Chebanca.
The Italian Ministry for Economic Development (MISE) is to appoint one to three extraordinary commissioners for troubled fashion group Stefanel (See here a previous post by BeBeez). Venice Court appointed Raffaele Cappiello as temporary commissioner. At the end of April 2019, Stefanel net debt was in the region of 88 million euros.
Paolo Galimberti, an Italian senator of Forza Italia party, provided Milan Court with 9 million euros warranties for Galimberti-Euronics, the chain of consumer electronics shops that he owns (see here a previous post by BeBeez). Italian magistrate Sergio Rossetti accepted the company’s application for receivership and set for November 2019 a meeting with the company’s creditors. Previous press reports said that UK Hanson Asset Management was interested in investing in the company. Galimberti-Euronics has debts of 82 million euros with sales of 182 million, an ebitda of minus 25 million, net losses of 38.6 million, a net financial debt of 24.6 million, and an equity of minus 29 million.
The Campania Region will support the local SMEs with investments of 150 million (see here a previous post by BeBeez). An ad hoc spv will subscribe the bonds that the SMEs will issue. Sviluppo Campania, the regional development firm, will provide the guarantee with resources worth 37 million euros coming from the European funds. Garanzia Campania Confidi will provide guarantees for companies of a smaller size. Garanzia Campania Sezione speciale Mediocredito Centrale will be a further warranty on the financing portfolio. FRI Campania will support the productive investments together with Cassa Depositi e Prestiti.
Autotorino, an Italian multi-brand car dealer, listed on Milan ExtraMot Pro minibonds for 10 million euros due to mature on 12 September 2026 and paying a 3% coupon (see here a previous post by BeBeez). Autotorino acquired Italian competitor Autostar this year in April. The Bonutto Family, owner of the vendor, kept a minority of the business. The company will invest the proceeds of such issuance in its organic development and m&a deals.