As part of the recovery plan for the exposure of the Charles Tassara, Intesa Sanpaolo made it known that he had shelved 430 million euro, while the sums set aside by Unicredit they are equal to 150 million euro.
As soon as the debt restructuring agreement of the Romain Zaleski-led holding receives the go-ahead from all the banks involved, Intesa Sanpaolo (the most exposed institution with credits of around 1,2 billion) will convert part of its credit into equity financial instruments for 445 million euros; Unicredit will do the same thing for around 70 million, out of a total exposure of 453 million euros. Carlo Tassara was a steel company based in Breno, in the province of Brescia, but today it is active as a holding company.
Furthermore, at the request of Consob, Intesa and Unicredit specify some aspects of the term-sheet for the modification of the agreements between Carlo Tassara and the creditor banks. The agreement provides the extension of the final expiry date of the agreements to 31 December 2016 , governance change of the company (board of directors made up of nine members, six of whom are independent). Also provided for the use of bank credits for the subscription of equity financial instruments for 650 million euros, which will have priority over the other categories of shares in the distribution of profits and reserves and in the event of liquidation of the company.
Tassara is indebted to several banks for a total of 2,2 billion euros: in addition to Intesa and Unicredit, they are involved Monte dei Paschi, Banco Popolare e Popular Milan. The company holds stakes in the main listed Italian companies (for a value of around 700 million), including some of the creditor banks. Tassara also holds equity investments in listed foreign companies for approximately 700 million, as well as other equity investments in unlisted companies.
