Stefanel to sell 75% of capital to Oxy Capital Italia and Attestor investment funds
The outline of the deal for Stefanel's salvage and relaunch is now clearer. The Italian fashion group has in fact published a document on its website indicating that its future partners, the Oxy Capital Italia and Attestor investment funds, both specialised in the acquisition of struggling companies, will take over 75% of the group's capital currently held by Giuseppe Stefanel.
Giuseppe Stefanel has led the group since 1970, when he took charge of the women's ready-to-wear business founded by his father Carlo in 1959. The group, based in Veneto, Italy, has always been strong in knitwear. As part of the new agreement, Giuseppe Stefanel will become the group's Non-executive President.
On 23rd March Stefanel signed a memorandum of understanding with the two investment funds, for "the structuring of its debt, the strengthening of its assets and the company's relaunch." The operation is yet to be approved by the court, and provides for an injection of €25 million's worth of new financial resources.
In the first 11 months of 2016, Stefanel suffered losses for over €14 million, and in early November it filed with the court to set up a protection procedure to allow the group to stay in business while negotiating with its creditors and potential investors.
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