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Ittierre Might Avoid Bankruptcy

the Court of Isernia, where Ittierre is based, has approved the petition for a composition with creditors filed by the apparel manufacturer.

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ESCAPE AHEAD?: The financially struggling Ittierre might be able to avoid bankruptcy. According to local newspaper Il Giornale del Molise, the Court of Isernia, where Ittierre is based, has approved the petition for a composition with creditors filed by the apparel manufacturer.

The composition procedure, which is now being evaluated by creditors, is expected to be approved at the end of next month.

Il Giornale del Molise also said that HdC Holding has presented the best offer to acquire Ittierre. The Lombardy- based holding company, managed by Antonio Rosati, counts investments in different fields, including soccer, transportations, logistic and fashion — in 2012 it acquired a majority stake in clothing label Lorenzo Riva.  

HdC, which is said to be willing to invest 20 million euros, or $27.4 million at current exchange rate, in the Isernia-based company, presented a proposal to rent part of Ittierre and acquire it at a later date.

Rosati’s offer was double the amount proposed by investment group IKF, while Gruppo Colella, the Italian company behind mineral water labels Castellina and Santa Croce, has withdrawn its bid.

Reached by phone on Friday, a HdC Holding spokesperson declined to comment on the news.