Intense July for the President of the Sampdoria Maximum Ferrero, called to meet some significant deadlines in particular on the front of its companies. His accountant Gianluca Vidal and his lawyer Luca Ponti are preparing the proposal and documentation relating to the return plan for bankruptcy proceedings Farvem and Eleven Finance, the two family businesses on which a bankruptcy petition is pending and on which the court of Rome will have to comment on 24 July.
In the sixth periodic report of Farvem, his company operating in the industrial branch, the parameters of the arrangement proposal that Ferrero intends to advance, necessarily assisted, are illustrated “From an external finance contribution“. In essence, there will be two steps: the first provides that a company disconnected from the Ferrero family will set up in the next few days “the shares of a limited liability company whose assets are subject to evaluation entrusted to Deloitte”, ie one of the main worldwide audit firms, which will therefore give it official value. The company could also operate through a target constraint, or by establishing a trust, that is, a screen to which assets will be entrusted, administered by third parties based on Ferrero’s guidelines, and which will become the subject of ‘sale on the market’ in the short term (12 months).
At that point, with the money from the sale of the Srl, the plan hopes to be able to make available to Farvem the sums necessary to “provide the external finance envisaged for the composition with creditors”. In a nutshell, the Ferrero family will pledge a wealth of several million euros to guarantee the debt situation of Farvem, not connected to the properties involved in the agreements, with the plan to sell it within a year in order to restore the companies. Second The 19th century could be other properties belonging to the family, but in financial circles it is suspected to be Sport & Entertainment, the srl that controls Sampdoria. However, the proposal must be approved by a delegated judge and by the assembly of creditors.