Antichi Pellettieri (AP) will sell its 60 percent stake in Baldinini in 2014 if it does not does meet its debt commitments. The pledge is part of a debt restructuring program for which AP signed a preliminary agreement with its bank creditors.
Under the deal, the banks will renounce or convert into AP shares up to €51.4 million in debt. The company would have to repay the rest of the debt by the end of 2014. If AP were in a situation in which it could not meet its obligations, it would have to mandate an adviser, during the month of January 2014, to sell the Baldinini stake. Gimmi Baldinini, whose family owns 40 percent of the shoemaker, previously expressed interest in buying the stake.
AP also said that its unit Mosaicon sold its wholly owned U.S. subsidiary to About the Brand for a symbolic figure. Mosaicon will assume about €1.3 million in debt held by Mosaicon USA. The debt is largely owed toward companies of the Mosaicon group.