ITALY. The Nuance Group’s co-parent Stefanel has completed a debt restructuring agreement with its banks that is scheduled to last until 31 December 2012.
The news will be welcomed by Nuance, lending greater stability and certainty as the travel retailer emerges from a testing period in 2009 and seeks to maintain its early 2010 momentum and investment in key locations.
President Giuseppe Stefanel said he was satisfied to have concluded an agreement during what remains an unstable economic and financial environment.
The agreement’s key conditions include:
– a standstill of the reimbursements of the share capital for the medium to long-term financings
– the confirmation of the operational finance lines
– a capital increase of €50 million to be approved and authenticated by the end of October 2010
– Shareholder Giuseppe Stefanel’s commitment to authorise his respective share of capital increase and to authorise the share of a capital increase of shareholder Giovanna Stefanel
– Shareholder Bestinver Gestión S.A., SGIIC’s commitment to authorize its respective share of the capital increase
Giuseppe Stefanel will pay in up to €7 million.
The agreement has been drawn up on the basis of the company’s three-year debt restructuring plan of 2010-2012 that was created with its advisor Bain & Company.
As reported, Stefanel recently announced annual losses deepening from €20.8 million in 2008 to €48.7 million in 2009. Net revenues fell -15.4% to €181.9 million.
The group said at the time that it intended to “use all necessary resources and investments to re-launch its business” in 2010. It did not say whether this re-launch might include the sale of any of its assets, or of the entire group.
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