N+1 advised UBI Banca, Italy’s third largest bank by market capitalization and one of the Group 7 (G7) financial entities creditor to Pescanova, on Company’s financial restructuring and bankruptcy proceeding, the largest for a non-real estate company in Spain to date with c.€4bn indebtedness and more than 1,000 creditors worldwide.
In a joint effort between the Madrid and Milan teams, N+1 managed to support UBI Banca throughout the entire process achieving a debt haircut of less than 40% of the debt included within the bankruptcy proceeding.
UBI Banca, created in 2007 from the merger of Banche Popolari Unite Group and Banca Lombarda e Piemontese, is the third largest Italian commercial banking group in terms of market cap and the fifth largest in terms of branches, with a market share above 5%. The Group operates through 1,560 branches in Italy and has an international network made up of several branches across Europe and representative offices in Moscow, Shanghai, Hong Kong, Mumbai, Dubai and Sao Paulo. The Group employs over 17,500 people worldwide.
Pescanova is a Spanish fishing company based in Redondela, Galicia (Spain). The Pescanova Group develops its activity through a complete fishing fleet, comprising more than 90 ships of differing characteristics, including many factory ships in which certain fish species and shellfish, after being caught, are instantly processed and frozen. On March 2014, Pescanova presented a rescue deal by which banks had to take a cut of 60-90% of the value of the debt owned by the Group, which amounted c.€ 4bn, having also to provide part of a €150mn capital injection to keep the group afloat. In return, G7 received a stake of 35% of Nueva Pescanova (NPVA). After capital increase proceeding (November 2015), the G7 holds a 62.5% stake in NPVA.
cloud technology axon
Nzyme, el fondo de Private Equity, ha anunciado su segunda inversión ...
