Stefanel Was Injected With 10 Million Euros Of Capital To Avoid Bankruptcy.

According to the world clothing shoes and hats net, in September 21, 2017, Italy was well known.

Manufacturer

S.p.A finally approved two private capital Attestor Capital LLP (hereinafter referred to as Attestor) and Oxy Capital Italia Srl (hereinafter referred to as Oxy) 10 million euros capital injection plan, Attestor and Srl became the controlling shareholder of Xin Xin, and the company also avoided bankruptcy and liquidation.

The capital injected by Attestor and Oxy will account for 71% of Stefanel S.p.A equity. At present, the final confirmation of the agreement is only required by the necessary authorities assessment and the court approval procedure.

Stefanel S.p.A in August this year, filed a lawsuit in the Treviso Treviso Court on debt restructuring agreement, and the lawsuit ended after capital injection.

The new capital will come from 23 million 800 thousand euro's interbank investment. It will be used partly to repay Attestor's investment fund Trinity Investment Limited, which previously provided 1000 million euros to ensure that the Stefanel S.p.A operation could continue to pay the highest priority debt. (see also reports: two private equity funds jointly invest in Italy fashion brand Stefanel to help them out of bankruptcy).

The 11 million 250 thousand euros of the 23 million 800 thousand euros will be jointly borne by Trinity Investment Limited and Oxy, and another 11 million 300 thousand euros will come from the bank. The remaining 1 million 250 thousand euros will be paid by the company president and CEO Giuseppe Stefanel.

Stefanel S.p.A was founded by Carlo Stefanel, and Stefanel brand originated in the year of 1982. It is a fashionable Italy fashion brand.

The group has two major business segments: the Stefanel division is engaged in the Stefanel brand.

And accessories production and international distribution, mainly through the sale of single brand stores; Interfashion division is engaged in the design, production and international distribution of HIGH brand women's clothing, mainly through wholesale, multi brand boutiques and e-commerce channels, and has opened a small number of single brand stores since 2013.

Over the past ten years, Stefanel S.p.A has lost more than 1.7 billion euros.

Sales amounted to 59 million 100 thousand euros, a decrease of 12.4% compared with 6750 euros in the same period in 2016.

EBITDA (earnings before interest tax depreciation and amortization) is 7 million 600 thousand euros negative.

The net loss was 12 million 100 thousand euros, which was 13 million 300 thousand euros in the same period in 2016, and the loss amount was 9% lower than the same period last year.

Previously, Attestor and Oxy also revealed that Stefanel will be re launched after being reorganized and will be sold in five years.

After the completion of the capital increase, Stefanel S.p.A can be exempted from bankruptcy or liquidation, but the "dynastic change" may be near.

As of September 22, 2017, the stock of Stefanel S.p.A closed at 0.207 euros per share, up 7.59% from the previous trading day, and its current market capitalization is about 1655 euro.

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