REGGIO EMILIA – The two major Italian banks – Unicredit and Intesa Sanpaolo – challenged two decrees of the Reggio Emilia court before the Bologna Court of Appeal. The first is the one with which the bankruptcy section accepted Ferrarini’s renunciation of the composition request; the second is the one with which the same court accepted the company’s request to be able to present a new composition proposal. Both decrees were issued on May 6-8.
Unicredit and Intesa Sanpaolo have receivables for a total of 50 million euros from Ferrarini Spa alone and are also exposed to considerable amounts to the other companies of the group, Vismara and Società Agricola Ferrarini.
Ferrarini’s move, almost two years after the first composition request, brought the clock back.
Everything starts all over again, further removing the moment in which creditors will be able to recover a part of what is due to them. Unicredit and Intesa contest two aspects: the abusive use of a new arrangement with them and the territorial jurisdiction, which according to the two banks does not belong to the court of Reggio, but to that of Bologna.
To fully understand the meaning of this legal arm wrestling, it must be remembered that Intesa and Unicredit are part of the consortium led by the Modena-based Bonterre cooperative group and interested in taking over the control of Ferrarini and Vismara. The thesis of the banks is that Ferrarini’s real goal would be to take more time, hindering the presentation of an alternative proposal to that of the Pini group and further prolonging the time of the procedure to the detriment of creditors.
Reggio Emilia Unicredit Ferrarini Spa Ferrarini crisis Intesa Sanpaolo Group ferrarini agreed request