(Finance) – Walcoran important chocolate producer in Italy, exits the preventive agreement. The college of the Bankruptcy Section of Court of Cremona declared “the execution phase of the composition with creditors has been concluded” for the Cremonese confectionery company. This proceeding was started in March 2020, in response to a large debt position (around 70 million euros) borne by the then Wal-Cor Snc towards a large number of creditors, including suppliers, employees and the treasury.
With the entry in 2022 of two new members, JP Morgan Asset Management and the Invitalia Business Protection Fund, the Snc had been transformed into a joint-stock company, a capital increase had been established and payments to creditors had begun. At the end of last March, having completed the payments, Walcor therefore presented a request for early closure of the composition with creditors which, after the positive opinion of the judicial commissioner, saw the issuing of the closure order by the Court of Cremona.
“In just two years, a series of initiatives have been developed which today guarantee the complete rescue of the company – comments theCEO Attilio Capuano – First of all, we resorted to the safeguard fund for historic brands, we then looked for new investors, we then proceeded with the acquisition by JP Morgan and Invitalia and the Spa was created with new governance”.
“Subsequently, the brand was relaunched, commercial relations with foreign countries were developed, a production and commercial partnership was started with Pernigotti and the commercial network and management structure were reorganised – he continued – Finally, the composition with creditors was managed and closed early We have been waiting for a positive conclusion to this proceeding for some time and it is It’s significant that it happened just as we celebrate our 70th anniversary of our company, founded in Cremona in 1954″.
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