ITALY – HAL-backed Safilo recap uncertain

The 60% rate represent EUR 195m worth of outstanding high-yield 2013 bond notes linked to Safilo. In a statement, the company made it clear that if Hal's tender offer were to fail, Safilo would most likely default the debt repayments due to Intesa Sanpaolo and UniCredit, its main creditors, at the end of this year.

Last month, HAL, which then held a 2% ownership in the company, agreed to up its stake to between 37.23% and 49.9%. This would see EUR 283m injected into the company, a sum which would contribute to the recapitalisation of the business.

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• Topics
• Restructuring
• Southern Europe