(Telestock) – Pro-Gestthe main Italian paper group which is in a state of financial tension, has Angelo Rodolfi appointed as Chief Restructuring Officer. Rodolfi, an engineer and manager with expertise in corporate restructuring, with experience in the sector, replaces Sergio Iasi. The latter, who was appointed at the end of February, resigned a few days ago, with the company providing no explanation for the decision.
On June 21st the company had communicated the failure to pay interest expiring in June to preserve liquidity (equal to approximately 19.55 million euros of available cash).
The decision “is part of a context of financial maneuver in progressfunctional to negotiations with creditors and comes at a time when production capacity is recovering with growing values especially in paper mills, both in tissue and corrugated paper”, the Treviso-based company reiterated today.
“Since the beginning of the year, all business units have been working with a positive trend compared to the same period in 2023 and all the plants of the Pro-Gest Group are producing regularly with a slowly recovering order portfolio”, declares the CEO Francesco Zago. In the month of June 2024 there is a sales total more than 10% higher than the business plan, with a progressive turnover growing by 4% compared to the forecasts in the first half of the year.
June 25th S&P cut its rating to “SD”, or selective default, (from CCC), while on June 28 Moody’s downgraded the rating to “Caa3” (from Caa2) with a negative outlook.