Stefanel has signed a debt restructuring and capital strengthening agreement with the creditor banks, with Giuseppe Stefanel and with the investors Attestor Capital and Oxy Capital, which reflects what was announced in recent months.
The group announced it on Wednesday evening with the stock exchange closed and then added a second communication on Thursday morning in which it informed of the signature also arrived from two other creditor institutions (Unicredit and Mps). Only Veneto Banca and Pop Vicenza remain out, having obtained an extension to adhere to the agreement until 21 July.
The title celebrates the seal of the agreement on the stock exchange after months of negotiations with a upside of more than 16% over 0,22 euro, which places it in a volatility auction.
The agreement, specifies the company press release, will be submitted to the Treviso court for approval pursuant to art. 182 bis of the bankruptcy law; the approval, together with the exemption from the takeover bid by Consob, is one of the conditions to which the operation necessary to save the historic clothing group from bankruptcy is subject.
The operation involves thedisbursement of a post-approval loan of 25 million euro (at an annual rate of 9%) which will be used in part to repay the 10 million already emergency loaned by Trinity, Attestor's vehicle, and in part to ensure business continuity. Of the 25 million mentioned, 11,25 million will be paid by Trinity and Oxy Capital, 12,5 million will come from banks and 1,25 million from Giuseppe Stefanel.
Sixty-seven million of bank debt will be consolidated into a single credit line with final maturity on December 31, 2022; the mortgage debt of Mediocredito Friuli Venezia Giulia (3,8 million) is also rescheduled.
Stefanel will come then recapitalised through a reserved capital increase of 10 million euro with which the two funds (through the newco HoldCo) will increase up to 75% of the capital (and in any case no less than 66,67%) and through the subscription of unlisted equity financial instruments (SFP) for a nominal value of 15 million euro (13,5 million subscribed by HoldCo, the rest by the banks).
Stefanel's creditor banks are Unicredit, Intesa SP, Bnl (Bnp Paribas), Banco Bpm, Pop Vicenza, Veneto Banca and Mediocredito del Friuli Venezia Giulia.
