Allison S.p.A. Successfully Completes Restructuring of Debt
|February 15, 2013 12:20 AM
PADUA, Italy—Following approval by the Court of Padua,
Allison S.p.A. has completed the successful restructuring of its debt. As part of a wider restructuring plan pursuant to Art. 182 bis, the debt negotiations were the joint effort of Studio La Croce, the law firm that managed the procedure on behalf of Allison, and legal advisers from Studio Lombardi Molinari.
The elimination of debt was made possible through a combination of factors, including an injection of equity by shareholder Paladin Capital Partners, who acquired Allison in 2004, and the disposal of the facility owned by Allison in Volta Mantovana.
“The restructuring operation will allow Allison to pursue the development of a more streamlined business plan oriented toward growth; for the first time after a difficult three-year period, the management believes that the company will fully achieve its objective of returning to profitability during the first two years of the plan,” the company said.
According to Allison, the removal of the company’s debt will allow them to adopt a new business plan through 2016 that will focus more on optimizing and developing its licenses, as well as improving its own brands. In 2012, the company renewed its licenses with Benetton, Missoni, Moschino, Iceberg and Vivienne Westwood, along with the acquisition of two new licenses with La Martina and Replay.
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