Chievo and Covid fold Paluani, which asks for an arrangement with creditors. After the case of Melegatti, saved three years from the abyss and relaunched by the Spezzapria family from Vicenza, there is now another pandoro big in difficulty in Verona. This is Paluani, the confectionery company founded in 1921 and launched as industrial reality at the end of the sixties by the Campedelli and Cordioli families, linked to that Chievo who disappeared this summer from professional football, which presented an appeal two days ago for the arrangement with creditors with reservations. Request immediately accepted by the judges of the bankruptcy section of the Court of Verona (college: Monica Attanasio, Silvia Rizzuto and Luigi Pagliuca), who granted the company until February 22, 2022 to present the composition proposal, appointing the lawyer Matteo as judicial commissioners Creazzo and the accountant Andrea Rossi. So a blank arrangement, to protect the company from creditors’ requests and prepare a plan, with the consultants of Gianni & Origoni and Kpmg, to maintain continuity and save the Christmas and Easter 2022 campaigns in the meantime.
The adventure in football
82% owner of Chievo, present in 40 countries, headquarters in Dossobuono, 150 employees, with peaks of 490 in the season, the resolution by which the Paluani board of directors approved the use of the arrangement with creditors dates back to nine days ago. And it indicates as decisive elements for the crisis the 2020 Covid pandemic, which triggered financial tension, to which is added the crisis of the football team. it is precisely the chapter of relations between Paluani and Chievo that opens the appeal presented in court. Paluani recalls that he has credits towards Chievo for 3.5 million by way of shareholder loan and that he has given guarantees for about 11.7 million to Chievo on a debt exposure which as of October 19, 2021 was equal to 6.9 millions. Paluani writes, in the appeal, that today it is clear that the flows in support of ChievoVerona are among the indicators of the Paluani crisis and that this agreement will be an opportunity and instrument to interrupt intra-group relations and focus the company on its core business.
In his appeal, Paluani then writes that the crisis in society is closely linked to exogenous factors relating to the Covid-19 pandemic, after a few years of strong expansion. A 2017 growth of 20% in revenues and a + 22% on the gross operating margin, with an operating profit of 1.5 million, but also in 2018 and 2019, still up by 4%. Then for 2020: the financial statements as at 30 June 2020 speak of revenues of 53.7 million against 58 of the previous year, with a loss of 1.7 million against a profit of 105 thousand euros in 2019. Phase therefore interrupted last year, with the first lockdown during the Easter campaign period. So, there it is financial tension deriving from the reduced performances of the two campaigns (Christmas with Pandoro and Easter) of 2020 add up to the impossibility of finding new financial resources to support the Christmas 2021 campaign. In the face of the crisis, the reshaping of bank debt according to the Covid-19 emergency regulation (with new disbursements for 13 million euros backed by guarantees from Sace and Mediocredito Centrale ), the financial contribution by the reference shareholders during the year 2021, with contributions for 2.75 million euros, the use of the Cig Covid social safety nets.
For Paluani, the one that triggers a restructuring operation aimed at preserving the business continuity. Paluani therefore says to look at the start-up and finalization of the Christmas campaign and the maintenance of the workforce as well as the best satisfaction of creditors, announcing in addition to the filing of the appeal for the arrangement, an application for the authorization to maintain and, if where appropriate, the disbursement of credit lines. The bank credit lines pending as of 15 October last amounted to approximately 30 million. Paluani’s creditors include credit institutions such as Banco Bpm, Bper Banca, Carige, Credit Agricole, Credito Valtellinese, Mps and Unicredit. In this regard, talks have begun to acquire an initial availability to maintain and / or disburse short-term credit lines or factor lines: Generalfinance spa has already shown a strong contribution in terms of loans, other institutes have given willingness to dialogue and support
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October 27, 2021 (change October 27, 2021 | 11:26)
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