Italian Auto Parts Firm Landi Renzo Seeks to Amend Debt Terms [BNN Bloomberg (Canada)]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
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Source: BNN Bloomberg
Consulting firm Roland Berger will carry out an independent business review on behalf of the banks, who are owed €100 million ($108.5 million), two of the people said, who spoke on condition of anonymity. The Italian producer of alternative fuel-based engine systems for cars has repeatedly sought waivers on its debt covenants. It breached terms in 2022 and in June 2023 on credit lines worth €73 million it arranged less than a year before. Some of the debt is guaranteed by state-backed credit insurer SACE SpA. The drafting of a new plan for the business comes after Landi Renzo reshuffled its management in 2023, with the appointment of Annalisa Stupenengo as chief executive officer and general director of the group. Lenders agreed to waive the clauses on condition of an equity boost. The company subsequently tapped Itaca Equity Holding SpA, which underwrote the majority of a €59 million capital increase. Today, around 60% of Landi Renzo's shares are held by a entity in which Itac
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- Analysis-Europe's debt collectors face reckoning as bad loans vanish [Yahoo! Finance]Yahoo! Finance
- Italian Auto Parts Firm Landi Renzo Seeks to Amend Debt Terms [Yahoo! Finance]Yahoo! Finance
- Generali CEO urges Italian government to revise new capital markets law [Reuters]Reuters
- European stocks continue positive streak, rise for second day [MarketWatch]MarketWatch