Indian partner for Ittierre’s rescue
28 Nov. 2013
Indian partner for Ittierre’s rescueAntonio Bianchi, owner of Albisetti and the controlled Ittierre, has just presented his plan to save the company and is awaiting an agreement among creditors at the Isernia tribunal.
According to local press, Bianchi has presented an agreement with Indian entrepreneur Taff Kainth, CEO of the British apparel specialist company Turkswood Ltd. It has been alleged that Kainth has offered €5million cash and can guarantee a further €10 million, through a line of credit.
The agreement between the two entrepreneurs could set the basis for the restarting of the productive unit’s manufacturing operations through a new company and four licensing agreements as part of Turkswood’s production. This could guarantee orders for around one million items per season.
The British company owned by Kainth operates in the apparel segment and generates a gross income of about €50 million. In 2009 they already made their offer in order to buy the whole It Holding complex while it was in a suspension of payments procedure.
The decision is now up to the tribunal to decide the future of the company. Ittierre is presently €90 million in debt.
Maria Cristina Pavarini
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