Creditors throw Sixty a lifesaver
The plan to save Sixty's Italian site in Chieti in the Abruzzo region of Italy has been given the green light, according to the online local daily news website, PrimaDaNoi.it. In fact, in early July, the court of Chieti had given the financially troubled fashion group's creditors twenty days to approve or veto the plan. Sixty was repurchased by the Asian fund Crescent Hyde Park last year.
As the deadline approached these past few days, nearly 88% of the creditors gave their consent. The banks had the biggest exposure of over 250 million euros of a total debt of approximately 370 million euros.
This plan allows for a repayment of the group's debt of up to 15-16% and the rescue of 50 jobs through the formation of a new company. Only some forty people are still working at the company's headquarters, mostly in sales, compared to 400 who worked there previously. The management of all lines has been transferred from the Italian headquarters to Crescent Hyde Park.
The fashion group, which owns brands Miss Sixty, Energie, RefrigiWear, Killah and Murphy & Nye, is now controlled by two Luxembourg companies, Sixty International and Sixty S.A., which are in turn owned by the Asian fund. Under this plan, the new company will only handle in the Italian market and subsequently expand to the rest of Europe.
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