Crackdown in the Stefanel house. The fashion company has decided to waive the preventive agreement, turning to extraordinary administration.
In a press release, Stefanel announced that it had filed an application to waive the composition with creditors procedure officially requested on 14 December 2018 and obtained a month later with the Court of Treviso. At the same time, Stefanel presented an application to the Court of Venice for the declaration of the state of insolvency, an obligatory step to be admitted to the extraordinary administration procedure.
At the basis of the decision, as explained by the board of directors, there would also be the need to protect the employment level of the company's workers.
The decision to opt for extraordinary administration and to renounce the composition with creditors was also taken following the fact that, for days, it had seemed clear that the majority of creditors would have said no to the plan and the composition proposal that the group should have presented to the Court of Treviso by 14 June. On 6 June, the day on which the shares of the Veneto-based company were suspended on the stock market, Stefanel had explained in detail the reasons for the decision of the board of directors to renounce the arrangement: "the failure to define an agreement with its stakeholders, the current absence of other interlocutors interested in supporting the company in the formalization of the hypothesized composition with creditors proposal and the impracticality of autonomous hypotheses of capital strengthening and restructuring of the total debt”.
We recall that in September last year Stefanel had registered a loss of 20,9 million euros against a shareholders' equity of 7,5 million euros.
Stefanel also announced that the councilor Tito Berna has tendered his resignation from the office of non-executive director of the company, in consideration of the incompatibility between maintaining the office of director and one's activity as liquidator of the related company Legend.
