Green light on Apulia-based Interporto Regionale takeover
Bari Tribunal finally approved transferring Bari logistic platform to Prelios and Tpg Sixth Street
Bari bankruptcy department issued green light to rescue Interporto Regionale della Puglia and Italfinance holding, controlled by Bari-native Degennaro family.
Two debt restructuring accords were approved: Bari port platform will be transferred, for 41 million Euro, to a real estate fund managed by Prelios Sgr, which will be entirely subscribed by Tpg Sixth Street, while the Degennaro family will continue managing operations.
Interporto Regionale della Puglia manufactured and managed warehouses and premises for logistic operators spread across 440,000 square metres area, 75,000 of which actually hosts a rarely utilized railway terminal controlled by RFI.
Nevertheless, due to latest financial troubles the company recorded 122 million Euro debts.
In essence, Interporto negotiated debt restructuring accords with 36 lenders (76.5% of the 95 millions), while Italfinance signed agreements with 24 lenders (93% of the 27.1 million), cutting overall debts from 122 to 51.2 million.
Major lenders are Banks (Mps, Banca Marche, Bpb and Bpm: 69.6 million Euro), however also Regione Puglia is involved (to be repaid for having funded 4.5 million Euro unaccomplished works), Bari Municipality (for unpaid Ici tax) and the Italian Tax Agency.
Part of the debt will be refunded from the 41 million allocated by Prelios-Tpg, the left amount will come from cash-flows (overall 4 million/year leasing contracts) and from the Degennaro own properties.
Italfinance's rescue will be financed by selling (for 3.8 millions) an area within Casamassima shopping centre, but also after the Degennaro brothers will wave 1.7 million personal receivables.