The debt restructuring agreement is flying Zucchi at Piazza Affari. The household linen company, referred to the Juventus goalkeeper Gigi Buffon until today it was the controlling shareholder, it ended up in a volatility auction due to an excess of upside when it scored +17% at 0,0372 euro, in the wake of the go-ahead for the debt agreement, a fundamental step for the company's relaunch.
The Court of Busto Arsizio has in fact approved the bank debt restructuring agreement, signed on 23 December 2015: thanks to the acquisition by the French fund Astrance Capital the Rescaldina-based company will now become the major European player in the household linen sector. Buffon will also remain with a minority share (15%) in the new company, having invested a good 20 million euros in Zucchi in recent years. The President Angelo Turi, who since last October has personally managed the debt restructuring agreement and the relationship with the future shareholder, the French fund, expressed "great satisfaction with the result achieved, which delivers Vincenzo Zucchi spa to the new investor completely financially healthy, a fundamental premise for its industrial and commercial relaunch on national and international markets”.
The restructuring agreement provides for the establishment of a spv (project company) to which the company will contribute the business branch consisting of 30 million in debt to the banks, the company's properties and relationships with five employees. The spv will pay the banks 75% of the proceeds from the sale of the properties and exceeding the transferred debt. A second point of the December 23 agreement provides for a capital increase of 10 million euros, with the exclusion of the option right and reserved for GB Holding, a newly established company controlled by Astrance Capital and owned by GB Holding - the company that to Gigi Buffon – in which the stake held by GB Holding in Zucchi will be transferred.
