Zucchi spa, whose majority shareholder is Juventus goalkeeper Gigi Buffon, recorded losses of 2012 million in the first half of 8,9 and an increase compared to the losses of 7,4 million in the same period of 2011. Turnover stands at 68,6 million (it was 85,7 million last year). For the entire exercise, despite the difficulty in making reliable forecasts in the current context, Zucchi affirms that the actions he is undertaking make it possible to project for the current year a reduction in losses and substantial financial stability.
"The difference between the final balance and the economic-financial plan contained in the restructuring agreement signed with the banks highlights a loss such as not to allow compliance with the 'financial covenants' as at 30 June 2012 identified in the agreement", states the company in a statement. “This fact led to the need for the parent company to request a moratorium agreement from the banks – adds Zucchi – in order to allow the continuation of the restructuring agreement and avoid early termination which could lead to the risk of the possible repayment of the loans disbursed and the closure of the credit lines granted".
The textile group has therefore launched a review of the 2012-2017 industrial plan "to be represented to the banks". In mid-July, the top management met the banks to present the new strategic lines. “The banks have confirmed their willingness to evaluate the request” for a moratorium “which must be submitted to the competent decision-making bodies of each lending bank, with the widest powers and autonomy regarding the final decision. At present there are no critical elements in the relationship with the banks which to date have not requested the repayment of the medium-long term loan and the reduction of the existing short-term credit lines", concludes Zucchi.
The debt restructuring agreement of June 2011, which effectively saved Zucchi, was signed by Banca Imi (as agent bank) and by Intesa Sanpaolo, Unicredit, Banca di Legnano, Banca Popolare di Bergamo, Banca Popolare di Novara, Banca Nazionale del Lavoro and Unicredit Factoring.
By mid-morning, Zucchi's share (which was the best of all 2011 on the Milan Stock Exchange) gained 1,2% in Piazza Affari.
