By  on August 6, 2012

MILAN — Limoni has completed its financial restructuring, which began in June when equity firms Bridgepoint and Orlando confirmed control of the Italian perfumery chain, squashing rumors of a takeover by retailer Gruppo Coin.

According to Limoni Group president and chief executive officer Richard Simonin, the company’s banks have agreed to shave off roughly 70 percent of Limoni’s debt, with the remaining 114 million euros, or $141.3 million at current exchange, to be paid by 2017 at a low interest rate, and a fresh injection of 40 million euros, or $49.6 million, from Bridgepoint and Orlando.

“We are now able to focus, serenely, on the turnaround of the Italian leading retailer in perfumery, makeup and cosmetics, with 430 stores and 380 million euros turnover in 2011,” said Simonin.

Italian daily La Repubblica reported that the case against former Limoni president and ceo Piofrancesco Borghetti — accused of embezzlement, tax evasion and falsely declaring bankruptcy — is proceeding separate from the company’s restructuring. Borghetti remains a fugitive.

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