Stefanel gives up and asks for the agreed budget – The Republic

The decision of the board of directors of the veneto group of clothing, which is listed on the Stock exchange and by the time the difficulty for the strong debt exposure and the continued decline of the business

Specifically, the historic company of treviso clothing was born at the end of the Fifties with the name “Maglificio Piave”, moves a first step towards the agreed quote. The company, from time in a crisis of results, he announced in the morning that the board of directors “has considered and approved, in order to obtain the protective effects of the company’s assets provided for by the legislation applicable to the protection of all the interests involved, to submit the application for admission to the composition with creditors ‘in the white’ or ‘subject’, procedure in the framework of which the company reserves the right to submit an appeal for approval of a debt restructuring agreement”. In essence, it is a form in which it continues to operate from the industrial point of view, and in the meantime, decides an arrangement with creditors under the supervision of the Court.

“This decision”, has informed the company that it was suspended from the prices of Square’s Business in atetsa of the note, “in the context of the initiatives taken by Stefanel aimed at debt restructuring, and strengthening the assets of the company. The company informs, also, in the name and for the account of Finpiave, which owns 20,329% of the share capital, that the latter, in today’s date, resolved to submit an application for admission to the composition with creditors, reserving the right to submit an application for the approval of a

debt restructuring agreement”.

The financial condition of the company is from time difficult. Only at the beginning of August, the auditors of E&Y had declared to be unable to validate the half-yearly of the company, by retracing the “profiles of uncertainty” around the implementation of the business plan to 2019, the ability to find an investor to bring fresh funds and the definition of a new agreement with the banks to arrive at a debt restructuring. Items that reviewers were to arise, already months ago, “significant doubts on the group’s ability to continue to operate on the basis of the assumption of continuity and therefore of the ability to realise the assets and meet liabilities in the course of management. “In particular, chiosavano in the summer, “the going concern assumption is subject to multiple material uncertainties”.

In the first six months of the year, the loss of historical Stefanel has exceeded 13 million and the equity is negative for 11.5 million. On the group, the company has 85 million debt with the banks, which since 2008 has been the object of renovations without ever being able to get a change of pace. The revenue declined further, reaching 67,4 million in the first half of 2016, from 77.2 million in the same period a year earlier.