Blog Post
Private credit lenders beginning to enforce their claims?
Chiara Elisei, Chief Credit Correspondent
The Italian distressed market has been largely dormant over the past two years relative to European peers, supported by stronger-than-expected economic performance, political stability, and the lingering effects of Covid-era aid measures.
Cracks are now emerging. Recycled cartonboard manufacturer Reno de Medici is in workout talks with creditors, with new money provision the central sticking point and uncertainty over whether sponsor Apollo will retain control post-restructuring.
Bottle cap maker Tapì Group’s Italian holding company has filed for pre-concordato after failing to secure a debt moratorium from bank lenders and fund Tikehau, which enforced its shares pledges over a €35 million financing it provided to a LuxCo. Tapì is one of the few examples to date of a private credit lender enforcing its claims — and with Italian private credit deal volume rising sharply in recent years, more funds are likely to follow.
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