Economy

Jazz Jeans on the verge of bankruptcy: 200 employees at risk of dismissal

Milan – A decades-old history of a company that risks closing in the worst way: bankruptcy and dismissal of 200 employees. This seems to be the path set for him gas jeans, the company founded in 1984 by the Grotto Group, is already active in the apparel sector, which is now preparing to close its doors for good. The final blow came after a second corporate credit recovery fund headed by Dea Capital, which holds the majority of the company’s debt, did not issue a decision on the proposed arrangement, thus effectively rejecting this scenario and paving the way for bankruptcy.

The company’s other creditors expressed their support for the arrangement. Also among them is the treasury company Amco, with which Gas Jeans is exposed for 13 million euros, inherited from bad loans that the company took at the time of the collapse of the popular Veneto, Banca Popolare di Vicenza and Veneto Banca. “DeA believes that an arrangement that will allow the Grotto to return to good performance cannot be voted on,” Federico Casa, the company’s attorney with Fabio Sebastiano and Paolo Dal Soglio, explained to Giornale di Vicenza.

The company’s crisis started from afar. With business plans for bankruptcy as early as 2010 and increasingly continuous growth in operating losses, until June 24, 2019 application for admission to formation proceedings, with a view to continuing the business by getting the accounts back on track. However, the scenario that the principal debtor chose not to pursue.

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At this point, the path appears to have been drawn, with bankruptcy already likely to be announced by the end of next month, unless a new arrangement path is explored, but Dea Capital must express itself differently than it has already done, or interested buyers come forward. .

Thelma Binder

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