Green light to the sale of Roberto Cavalli. The Court of Milan approved the Debt Restructuring Plan. A week ago trade unions complained that, after 3 months from announcing the sale to Dubai Vision Investment (Damac Properties) fund, the absence of the plan’s approval prevented the beginning of the acquisition process. Now the approval is here.
Officialdom and assignment
“The decree can be considered final after 15 days from registration date of the legislative provision in Milan’s Companies Register. After this period, all shares of Roberto Cavalli SpA will be sold to the company Vision Investment based in Dubai, a company controlled by the founder of Damac Properties Group”, the company announces.
Timing and security
“The timing of the financial restructuring is particularly short and credible in light of the previous long crisis of the society”, writes the Court. “It is therefore considered that, given the almost total restructuring of the debt position, which has expired, there is a sufficiently tranquillising certainty with regard to the possibility of implementing the plan”. The operation would have taken place on the basis of around 160 million euros, 65 of which were destined for a capital increase.