MILAN — The special commissioners for IT Holding SpA, which is in government-backed administration, have formally opened the bidding process for the possible sale of some or all of the fashion group’s assets by inviting letters of intent.
This story first appeared in the September 25, 2009 issue of WWD. Subscribe Today.
These are to be sent to the administrators and their advisers Mediobanca SpA and Sin&rgetica Srl, IT Holding said Thursday.
On the table are the Gianfranco Ferré, Malo and Extè labels and IT Holding’s licensing subsidiary Ittierre SpA, which produces the Just Cavalli, C’N’C Costume National, Galliano and Ermanno Ermanno Scervino collections.
All bids will inform the administrators’ restructuring plan, which will be presented to Italy’s minister of economic development Claudio Scajola for approval by Nov. 10, IT Holding added.
As reported, there is unlikely to be a shortage of interest, with more than a dozen potential suitors having already inquired about some of the assets, according to sources.
IT Holding and Ittierre filed for the Italian equivalent of Chapter 11 bankruptcy in February.