Giochi Preziosi will avoid bankruptcy. Thanks to a recovery of market shares in Europe (average growth of 30% between January and June) and the 30 million euro capital increase, which started on Monday, the Como-based company is confident it will be able to achieve the targets of the 2014 plan- 2018.
A debt of 320 million euros weighed on the group in June but on Friday Enrico Preziosi signed an agreement with the Clessidra fund, Intesa Sanpaolo and Unicredit which will allow the debt to be halved by providing for a new financial commitment. A recapitalization in which all the shareholders participate: from Enrico Preziosi (42%), financed by the banks to which it has given the properties as guarantee, to the Clessidra fund with Hamilton Lane and Unicredit (38,8%) up to Intesa Sanpaolo (14,2, 5%) and Idea capital fund (XNUMX%).
The banks, a pool headed by Bnp Paribas which includes Barclays, Credit Agricole, Intesa Sanpaolo, Natixis and Unicredit, confirmed the revolving line for 30 million and the existing bilateral lines for approximately 37 million euro and opened a bridging loan for 27,5 .55 million euros awaiting the sale of the French subsidiary King Jouet. Fingiochi di Preziosi, on the other hand, has waived a XNUMX million loan from the other shareholders which will be converted into capital.
