The financial news provider Reorg Research revealed that “Fortress Investment Group, Clessidra Sgr and Europa Investimenti are amongst the funds discussing with Moby about a possible new money provision amid the group’s restructuring”, according to some sources. The process is in progress, but nothing has been decided yet.
Moby has been in talks with some investment funds for a deal designed to potentially unlock a standstill with creditors, as reported. The funds would be willing to provide new money to the group or, alternatively, buy its bonds and subsequently close a restructuring agreement with the company and its banks, according to sources.
The Onorato family-controlled company has to present a restructuring proposal by October 28 but it is expected to request a 60 days extension to the Court of Milan, where it filed for creditor protection under the concordato preventive procedure at the end of June.
Moby closed the first half of 2020 in red for EUR 50 million and the overall financial exposure increased to EUR 643 million, of which 160 million with banks, 295 million with bond holders and 140 million with subsidiaries.