Officine Maccaferri
Seci Energia Lenders Attempt to Offload €31M Loans in Oct. 30 Auction
Tue 10/27/2020 08:05 AM
Relevant Document:
Seci Energia Report Report 2017
Lenders of Seci Energia, a subsidiary of SECI, are trying to offload €30.8 million loans in an auction on Oct. 30, sources told Reorg. SECI is the holding company of Officine Maccaferri. Continue reading for the EMEA Core Credit team's coverage of Seci Energia, and request a trial to access reporting and analysis on hundreds of other credits.
Seci Energia, which develops and operates renewable energy power plants, is still part of the SECI perimeter and will be liquidated as part of the holding company’s concordato plan, sources confirmed.
According to its 2017 report, the latest available, Seci Energia had €150 million of debt, €82 million of which is bank debt, as shown below:
The European Investment Bank or EIB was the company's largest lender, according to the 2017 report.
Seci Energia had €162 million of revenue, €14 million of EBITDA and a 3x leverage (net financial debt/EBITDA), according to its 2017 report. The company reported an operating cash outflow of €2.9 million.
SECI’s concordato plan envisages the continuity of SECI as a holding company, keeping participation investments in the manufacturing business, and the exit from the agrifood, energy and real estate business through the sale of assets deemed no longer strategic, as reported.
The holding company will keep its shares in cigar business Manifatture Sigaro Toscano, which will remain within the perimeter of SECI during the 2020-2025 period with an option to sell or refinance at the end of it. Proceeds of the asset sales will be used to repay fully privileged creditors and partially unsecured ones. The latter will get a minimum 16% recovery along with an earnout of up to 25%.
Management of SECI is under investigation for allegedly taking €57.6 million from the company in 2017, as reported.
The holding company has recently accepted the binding offer by the Carlyle-led ad hoc bondholder group for all Officine Maccaferri’s shares. SECI has subsequently submitted an application to the court of Bologna to launch a competitive tender for the sale of the business.
--Luca Rossi
Seci Energia Report Report 2017
Lenders of Seci Energia, a subsidiary of SECI, are trying to offload €30.8 million loans in an auction on Oct. 30, sources told Reorg. SECI is the holding company of Officine Maccaferri. Continue reading for the EMEA Core Credit team's coverage of Seci Energia, and request a trial to access reporting and analysis on hundreds of other credits.
Seci Energia, which develops and operates renewable energy power plants, is still part of the SECI perimeter and will be liquidated as part of the holding company’s concordato plan, sources confirmed.
According to its 2017 report, the latest available, Seci Energia had €150 million of debt, €82 million of which is bank debt, as shown below:
The European Investment Bank or EIB was the company's largest lender, according to the 2017 report.
Seci Energia had €162 million of revenue, €14 million of EBITDA and a 3x leverage (net financial debt/EBITDA), according to its 2017 report. The company reported an operating cash outflow of €2.9 million.
SECI’s concordato plan envisages the continuity of SECI as a holding company, keeping participation investments in the manufacturing business, and the exit from the agrifood, energy and real estate business through the sale of assets deemed no longer strategic, as reported.
The holding company will keep its shares in cigar business Manifatture Sigaro Toscano, which will remain within the perimeter of SECI during the 2020-2025 period with an option to sell or refinance at the end of it. Proceeds of the asset sales will be used to repay fully privileged creditors and partially unsecured ones. The latter will get a minimum 16% recovery along with an earnout of up to 25%.
Management of SECI is under investigation for allegedly taking €57.6 million from the company in 2017, as reported.
The holding company has recently accepted the binding offer by the Carlyle-led ad hoc bondholder group for all Officine Maccaferri’s shares. SECI has subsequently submitted an application to the court of Bologna to launch a competitive tender for the sale of the business.
--Luca Rossi
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2024 Reorg Research, Inc. All rights reserved.