Borsalino put into administration after court refuses bankruptcy protection request
20 DEC 2017
Borsalino, an Italian millinery company, has been put into administration, The Daily Telegraph reported. The newspaper cited court proceedings in Alessandria for the information. Borsalino was declared insolvent following the court’s refusal to allow protection from Borsalino’s creditors.
The hat maker owes its creditors about EUR 18m (GBP 15.9m), the item said.
Private equity fund Haeres Equita had managed Borsalino since 2015, according to the newspaper. Haeres Equita had invested EUR 10m in Borsalino, the item said.
A report in the Italian-language newspaper Il Messaggero on 1 September said Haeres Equita was ready to take over Borsalino. The report did not cite a source for the information.
Haeres Equita was planning to formalise a bid after 18 September, when Borsalino shareholders were expected to approve a EUR 7.5m capital raise, according to the report.