Stefanel starts seeing the light at the end of the bankruptcy tunnel

The Italian fashion label has just received the judge’s approval to its debt restructuring and financial turnaround plans.

Last week, the Treviso Court approved the debt restructuring and capital strengthening agreement signed by Giuseppe Stefanel and investment funds Oxy Capital and Attestor.

The deal seals the 10 million euro increase in capital, keeping Stefanel away from liquidation. The deal has made Oxy Capital and Attestor the new majority shareholder with a 71 percent stake and diluted the holdings of current shareholders, primarily Giuseppe Stefanel.

This agreement includes the company’s assets consolidation.

As reported by Italian journal ‘La Stampa’, the company’s employees’ assembly has ratified the agreement reached between trade unions and the company, which includes a 25 percent staff reduction, an incentivised redundancy plan.