Endless crisis for Massimo Ferrero: the sale of Sampdoria does not avert bankruptcy. Here because
The trouble seems to never end Massimo Ferrero, former owner of Sampdoria. And the difficulties are linked – albeit not directly – once again to the Sampdoria club, which officially avoided the abyss of bankruptcy by becoming the property of Matteo Manfredi and Andrea Radrizzani, with the minority of Sport Spettacolo Holding (of which Massimo Ferrero is CEO).
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If, in fact, comforting news seems to be coming from the Court of Genoa also for the validation of the negotiated resolution plan for the crisis, there is no good news from Rome. Yes because Massimo Ferrero appears to be interested in others insolvency proceedingsincluding that of Eleven Finance, a company linked to his family and currently the owner of a cinema chainincluding the well-known Cinema Adriano, already part of and acquired by the Cecchi Gori circuit.
But how do we explain the involvement, again, of the Sampdoria football club in this affair?
Simple. Eleven Finance’s 2021 admission to preventive agreement in mixed continuity was linked to a plan which envisaged the satisfaction of creditors thanks to the assets realized from the sale of three active business branches, as well as to the significant sums that were to be made available thanks to the sale of UC Sampdoria.
But something didn’t go right, again. Because at the creditors’ meeting hearing which took place last September 22nd, already after numerous postponements, for the second time the procedure was interrupted, to allow the Court to verify that the conditions for its continuation still exist. Otherwise, the admission to the concordat will be revoked and the failure (as provided for by art. 173 of the bankruptcy law in force).
And how confirmed ad Affaritaliani.it by the lawyer Luca Pontipartner of the Ponti & Partners firm which assists Eleven Finance together with other professionals, the reason for this stop seems to be linked, albeit not directly, again to Sampdoria and to the events that have involved Massimo Ferrero in recent years with respect to the sports club. First of all because the entry into the company of Manfredi and Radrizzani, with the minority of Sport Spettacolo Holding, affected the vrealization values of the composition plan: the “Rosan” trust, established by Ferrero accountant Gianluca Vidal and where Ferrero’s share in Sampdoria was placed, can in fact no longer guarantee the sum necessary to satisfy the external finance needs of the proposed agreement.
“The Court found that there are elements of conflict, of dissatisfaction of the main creditor, Hoist Finance. For this reason he has scheduled an ad hoc hearing for October 25th, the date by which we will have to remodulate the plan and find solutions to resolve the problem” explains Ponti. The creditors admitted to the procedure are around 450, but the main weight is the vote of Marte Spv, part of the Hoist Finance group, which holds 135 million euros of credit. Hoist Finance is a Swedish bank whose main business consists in taking over so-called NPLs (non-performing loans), i.e. loans that are unlikely to be honored and which banks are trying to get rid of to contain balance sheet losses.
“The sum intended for creditors had been estimated at a certain historical moment with certain volumes, linked to the estimates and appraisals made on the value of the company Sampdoria. Unfortunately, a series of things have happened over the years facts – from Ferrero’s arrest to the club’s financial difficulties also linked to the team’s performance in the standings – so in the end Sampdoria was sold with a lower realizable value to that desired. And even the estimates of the trust’s operating company, the cinematographic one, were upset by some events (not least Covid…)”.
In short, after the draw obtained with the sale of the sports club, extra time will decide the match – and the finances – of Massimo Ferrero.
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