Canepa Leaves the Creditor Agreement with the Entry of Muzinich and Invitalia
Canepa was advised on the arrangement by Pavia and Analdo
Como-based textile company Canepa has confirmed that the procedures for closing its arrangement with creditors are continuing, owing to the intervention of US-based group Invitalia and Muzinich & Co SGR, which last July acquired a minority stake in the company through the entry of the AZ Eltif Capital Solutions fund.
The next stage of Canepa’s business recovery plan will be the activation of the safeguard fund and the formal closure of the procedure by the relevant bodies, thus allowing “the full relaunch of the company and the employment protection of its employees”. Canepa has also stated that the manager slated to lead the San Fermo della Battaglia company has already been identified.
Muzinich & Co was founded in 1988 in New York by George Muzinich and has been active in Italy since 2014, now boasting 12 offices across the United States, Europe and Asia. The company specialises in both institutional and private asset management, with a current portfolio of approximately $38 billion. Its Capital Solutions fund is focused on Italian companies, with its “rescue financing strategy” aimed at providing short- and medium-term liquidity to support the recovery processes of companies affected by the COVID-19 crisis.
Pavia and Analdo advised Canepa on the arrangement, alongside DSPRT and Ramiro Tettamanti and Associates. Muzinich was advised by Cicozzi & Associati and Dr Gravio Avvocati. Invitalia was advised by PLC firm.