Antress Industry in red, Andrea Billi new sole director
Uphill road a 40 years from birth to Antress Industry (Antress)fashion company owned through the red Mill of the entrepreneur Maurice Settiamong other things owner and president of theHellas Veronamanaging director and majority shareholder of the Mantua 1911. A few days ago, in fact, Emilia Salvatore nominated delegate judge of the Modena court Maurizio Bisi commissioner of the company admitted to the arrangement with creditors, thus accepting the appeal presented by the lawyer Andrew Novarese dello studio White & Case.
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The company, which appointed Paolo Rinaldi as financial advisor, operates in fashion with the “Manila Grace” brand through a network of agents and distributors, as well as 51 single-brand and one thousand multi-brand points of sale. Antress, founded in 1983, entered into pandemic crisis which resulted in a contraction in sales of 9.7 million euros in the two-year period 2020-21. The balance sheet situation last March showed unpaid losses of €11.8 million which brought the shareholders’ equity to a negative 7.7 million. Against revenues of 28 million, there are debts of over 37 million. At the end of 2020, the company issued a bond loan of 5 million subscribed by the SME Heritage Fund managed by Invitalia and between 2019 and last year Setti injected resources for 9.1 million.
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But the crisis has forced the adoption of the procedure and the search for new partners including “a leading operator in the fashion sector” who, as the appeal reports, has just presented “a expression of interest concerning the company’s assets and assets”. Furthermore, to facilitate the arrangement, the plan for which will be presented within two months, Setti has resigned from the board of directors of which he was chairman and managing director and the accountant was appointed as sole director Andrea Billi.
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