Como Tribunal ratification of Canepa agreement among creditors

Marco Lantelme of BSVA Studio Legale Associato assisted the Banks in the proceedings.

The Como Tribunal ratified the proposal of agreement among creditors by Canepa Spa, historic silk-product producer of San Fermo della Battaglia, after that the company in 2019 had been given the green light for a relaunch plan by the new shareholders – another arm of the historic family – with the approval by over 70% of the ordinary creditors.

The ratification provides for a payment of the privileged debt, of approximately Euro 9 million, by January 2021. The portion of ordinary creditors, of approximately Euro 5 million, shall by paid in the four succeding years 2021-2024.

The Canepa group was founded in 1966 by the family bearing the same name, as a silk-products manufacturer, with an activity for which it has become a world leader in the upper end of the market. To this activity, it was added an ample range of high-priced textiles of natural fibres, cachemire, wool, cotton, linen and hemp. Canepa closed its 2017 accounts with a Euro 90 million turnover, from Euro 106 million in 2016, when its Ebitda was around 10% and its net financial indebtedness was of around Euro 60 million, increased to Euro 80 million in the subsequent year.

Marco Lantelme, partner of BSVA law firm has assisted the banks as creditors – specifically, Intesa Sanpaolo, Unicredit, UBI Banca and CreVal – in the proceedings.

Involved fees earner: Marco Lantelme – BSVA;

Law Firms: BSVA;

Clients: Creval; Intesa Sanpaolo S.p.A.; Ubi Banca Gruppo; Unicredit S.p.A.;